How safe is MEGA.nz as remote back up?

These days cloud storage is all the rage, but most services only offer a few gigabytes for free. Google Drive, Dropbox, OneDrive are some of the biggest named services.

MEGA offers 50Gb and seems like a very well designed service, but (for those unfamiliar with its origins) its predecessor was taken down for copyright abuses by users.

Is it a good idea to use MEGA as a cloud storage service or are the risks posed greater than that of more traditional options?

I am no affiliated with MEGA in any way. I'm just a user who wants cloud backup and doesn't have the time to dig into the company's official accounts etc to poke about and find out if it is something I can rely up.

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