With great hype comes great scrutiny. Kim Dotcom's latest venture Mega, which is another cloud storage service, quickly ballooned to over 1 million users after its launch. But the success has also drawn the attention of other parties as well.
Researcher Steve "Sc00bz" Thomas realized there was a weakness in the security of Mega and has released a tool called MegaCracker. This software is capable of extracting the password for a Mega account from the confirmation email. Seeing that the emails are not encrypted, phishing someone's confirmation email should not be too hard for the dedicated.
Apparently the program only isolates the password hash from the confirmation email. Hackers and phishers will still have to use a brute force password guesser to uncover the actual password. Obviously if the password you chose had low strength, the guesswork won't take much time.