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Chinese pirates have unleashed hell on Blu-ray and are ripping the DVDs like there wont be any tomorrow. The hackers are ripping off movies burned on Blu.ray discs, encoding into AVCHD, and selling the proceeds for $7 with an ever recognizable Blu-ray banner to go with it. So what could be the price tab on this, MPAA estimates it to be $224 million for the next 6 months:

The MPA estimates that within the next six months the high-definition discs could account for 10% of $224 million that its member companies lose from piracy in China. While a legitimate Blu-ray discs costs about $30, a pirated Chinese disc goes for as little as $7.

[Image via UberGizmo]