Developing nations like Brazil, China, and India are increasingly hot locales for venture capital investment. While that's good news for start-ups in those parts of the world, it presents particular challenges for the VCs who fund them.

To wit: VC-backed 56.com—China's stab at YouTube— inexplicably went down on June 3 and hasn't been up since, reports Dealbreaker. While the homepage says (in Mandarin) that it's down for a server upgrade, sites like Silicon Alley Insider are speculating that the Chinese government—which is infamous for its censorship and restrictions—has shut it down.

So far 56.com has raised $30 million in investment from VCs like Sequoia Capital and Disney's Steamboat Ventures. While there's no word yet from any of them regarding whether or not they're out the money, the following graph from Alexa showing 56.com's traffic illustrates that even if the government didn't shut them down, the site's still in trouble—which doesn't bode well for their investors' millions: