Megaupload founder Kim Dotcom has claimed he is broke because of fighting the charges filed against him, BBC reports.

The entrepreneur, who was arrested in 2012 for internet piracy, is also battling charges for money laundering, racketeering and conspiring to commit copyright infringement. If convicted, Dotcom will serve jail time of 20 years.

Dotcom will represent himself in a bail hearing after his legal team in New Zealand, where he is based, left him earlier this week. The Internet mogul claimed his team withdrew because he is bankrupt.

"The [US authorities] have certainly managed to drain my resources and dehydrate me, and without lawyers I am defenseless," Dotcom said in a teleconference at the unBound Digital 2014 conference in London. "They used that opportunity to try and get my bail revoked and that's what I'm facing."

"I'm officially broke right now," he concluded.

Meanwhile, Dotcom's legal representative in the US, Ira Rothken, said in an interview with Radio New Zealand that his client still have many assets but they have been frozen.

"There are assets frozen from across the globe," Rothken said. "There are mechanisms in place for getting relief from those frozen assets.

He continued, "We are hopeful that courts across the globe, including in Hong Kong and New Zealand, will do the right thing and release funds to counsel."

Dotcom claimed defending himself in court has cost him upwards of $10 million, according to ABC.

He also shared his regret for investing seven million dollars in a failed political party.

"Before I started my political movement, I was quite popular in New Zealand. Everyone was cheering for me to win my case," Dotcom shared. "But after I got involved in politics and the prime minister and his party attacked me viciously ... now I'm a pariah."

Dotcom's file sharing website Megaupload was established in 2005.