Megaupload's Kim Dotcom denied bail in New Zealand 

Kim Dotcom, founder of the file-sharing website Megaupload, has been denied bail in New Zealand as authorities in the U.S. seek his extradition.

Police last week arrested Dotcom and three Megaupload employees on U.S. accusations they facilitated millions of illegal downloads of films, music and other content, costing copyright holders at least $500 million in lost revenue.

The first extradition hearing is scheduled for Feb. 22 in a process that could last a year or more.

Dotcom, 38, insists he is innocent and poses no flight risk.

At an Auckland courtroom Wednesday, Judge David McNaughton did not reveal the reasons behind his decision to deny Dotcom bail. The judge is expected to make bail rulings on Dotcom's three colleagues later this week or early next week.

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