In a shocking development, Blot.com has announced that they have closed down their operations from August 14.

The popular video sharing site that functions like Google’s YouTube, was forced to leave the market after failed to get financial support from GoFish though it has resolved the legal hassle with Universal Music.

I found the following message from their home page:

Please be advised that the operations of Bolt, Inc. and Bolt.com have ceased. Net Revolution, Inc. and Bolt, Inc. have executed an Assignment for the Benefit of Creditors effective as of August 14, 2007.

Bolt, which was developed in 1996 had claimed nearly 13 millions users uploading and voting music, photos and videos.

Bolt.com would have remained in operation if GoFish had acquired the video sharing site for $30 million. The case with YouTube is different. The popular video sharing site has faced lawsuits many times. But it has Google support.

Blot.com is now looking for creditors who will purchase the site and its assets.