The founder of Megaupload sharing site, Kim Dotcom has announced in a teleconference that he lost all his money and is now broke.
He shared his financial status in London at the UnBound Digital event. Kim Dotcom talked about Internet freedom and commented on his legal situation.
Kim Dotcom was arrested three years ago on charges of copyright infringement and is now facing extradition from New Zealand and incarceration. The Megaupload founder Kim Dotcom was also left by his lawyers to represent himself in the coming trials. Dotcom will have his bail hearing on Thursday.
Kim Dotcom talked about the reasons why his lawyers left him:
“My legal team has recently resigned because I ran out of money after spending $10 million to try to defend myself. They [U.S. authorities] have certainly managed to drain my resources and dehydrate me, and without lawyers I’m defenseless. This might be the last public appearance.”
The Megaupload founder denied the charges brought upon him, charges of conspiring to commit copyright infringement, racketeering and money laundering.
Dotcom still has an American lawyer by the name of Ira Rothken who made a statement regarding his client:
“There are assets frozen across the globe. There are mechanisms in place for getting relief from those frozen assets. We’re hopeful that courts across the globe, including in Hong Kong and New Zealand, will do the right thing and release funds to counsel.”
Rtothken said that without these assets his client doesn’t have a chance of winning the trial. Rothken added that Kim Dotcom is involved in one of the biggest cases of copyright infringement in New Zealand and the United States. Dotcom’s lawyer said that the government is trying to outspend his client and will try to win on procedure and not on merit.
According to officials Kim Dotcom’s Megaupload sharing site brought him more than $175 million and caused damages to the entertainment industry of more than $500 million.
Megaupload was launched in 2003 by Kim Dotcom as an online storage website. Within 24 hours the site gathered more than 1 million users.