File sharing service Megaupload down and out

We are all aware of the ability to upload files from the Internet, and how easy it can be made through a wide range of file-sharing sites. Megaupload was one of these sites that provided the users opportunity to upload and download from other users.

However the news at the moment is swamped with reports of a Megaupload shut down by the Feds. Charges consisting of, racketeering conspiracy, conspiring to commit copyright infringement, conspiring to commit money laundering and two counts of criminal copyright infringement, have been placed on the company.

At the front of the hearing stands Kim DotCom, born Kim Schmitz, along with three associates. According to a report by Droid Life, Megaupload made more than $175 million in illegally obtained profits, leading to over $500 million in damages to copyright holders.

Across the news were clips of property being removed from a number of locations including “The DotCom Mansion” owned by Schmitz. Various items including a range of high-end vehicles from Lamborghini’s to Maserati’s were seized. It was commented that DotCom enjoyed an extravagant lifestyle before his arrest. Give us your thoughts on the Megaupload story.

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