Megaupload founder Kim Dotcom (formerly Kim Schmitz) was denied bail by a New Zealand court on Wednesday after a judge and prosecutors determined he was an extreme flight risk.

Dotcom is a German national who has netted at least $175 million since creating the music and movie distribution site in 2005. With help from the Federal Bureau of Investigation, New Zealand police raided his mansion, where Dotcom was hiding in his 'panic room' with a shotgun, and arrested him for copyright infringement on Friday.

He is fighting the charges and has maintained his innocence. Despite challenges from his lawyers, a court denied bail on Wednesday

With sufficient determination and financial resources, flight risk remains a real and significant possibility which I cannot discount and bail is declined, Judge David McNaughton said.

A day earlier, prosecutors had told the court that Dotcom, an experienced computer criminal and self-proclaimed former hacker, was previously wanted by German authorities and so fled to Thailand, according to NYMag. Dotcom also reportedly had passports and bank accounts under three different names.

Dotcom said that he was very disappointed in the court's decision and vowed to appeal, according to The Telegraph. He will remain in custody until an extradition hearing on Feb. 22.

Five other Megaupload employees have been arrested, including three in New Zealand last week, as well as Dutch and Estonian nationals on Wednesday. All face extradition to the United States.