Megaupload, the Hong Kong based file sharing service, has had their Ashburn, Virginia servers shut down by Federal authorities in the United States. And four employees of this company have been arrested in New Zealand.

An indictment filed Thursday accuses the company of having cost copyright holders $500 Million in lost revenue for having facilitated the illegal distribution of music, film and other copyrighted content. But the company claimed these allegations were “grotesquely overblown” prior to the shut down, according to USA Today.

Unfortunately Megaupload also had legitimate users, whose files are inaccessible now. The site had 150 million registered users and had 50 million hits per day.

I had used the service years back to send my own videos to fellow Youtubers, which was more convenient than sending it by email. I have since found other services but it’s still a shame to loose such a resource.