Data on the file-hosting site Megaupload will not be erased for another two weeks, according to news reports citing the company's lawyer, after previous reports said that legitimate and legally acquired content would be deleted along with all pirated material on the site as soon as this Thursday.

Megaupload was shut down after federal prosecutors charged its founder and several company executives with violating piracy laws. The indictment accused Megaupload of costing copyright holders more than $500 million in lost revenue from pirated content.

“The hosting companies have been gracious enough to provide additional time so we can work out some kind of arrangement with the government,” Megaupload lawyer Ira Rothken told tech news site CNet.

At the time of the site shutdown, the U.S. Justice Department said the action was among the largest criminal copyright cases ever brought by the U.S.

The situation underscores the need to backup your data, and whether you use an online service, external hard drive, or flash drives, don't assume that just one solution is sufficient. If you opt for a cloud storage service, you should make sure the site doesn't also offer obviously pirated material for download, because if it does, its days may be numbered. For advice on what kinds of backup are available, check out our Computer backup system buying guide.

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Megaupload users can't get to their legal files
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Reprieve: MegaUpload's data safe for two more weeks [CNet]
Megaupload Data Safe for Another Two Weeks [Mashable]