internetpiracy

Kim Dotcom says he's broke

Megaupload founder Kim Dotcom might have been able to reclaim his New Zealand finances earlier this year, but his ensuing legal fight against internet piracy charges has apparently evaporated that. The entrepreneur told the BBC that he' has gone through $10 million in legal costs. His legal defense team stepped down two weeks ago causing Dotcom to initially claim he might have to represent himself at his bail hearing (which began earlier today). While Dotcom was able to reclaim some assets, dozens of bank accounts remain frozen. Dotcom's follow-up online storage service, Mega was valued at $164 million in March, although as the BBC reports, the founder doesn't hold a stake in the company. Financial troubles have also been compounded by his political party, the Internet Party, which failed to claim a single seat in New Zealand's general election two months ago.