Interesting, I hadn't heard of MediaLab until just a few days ago when I listened to a Darknet Diaries episode[1] about Kik and some "content problems" that MediaLab are leaving unresolved.
That exactly the first thought that came to my mind as well. RIP Imgur? It doesn't seem like medialab is anything more than the 'internet brand' version of a patent troll.
[1] https://darknetdiaries.com/episode/93/