The Curious Case of Crypto Pioneer Nikolai Mushegian’s Death in 2022

On October 28, 2022, the crypto world was shaken by the sudden death of Nikolai Mushegian, a 29-year-old tech millionaire and co-founder of MakerDAO, who drowned off a beach in Puerto Rico. The young innovator, known for his work on decentralized autonomous organizations (DAO’s) and the DAI stablecoin, was found fully clothed and carrying his wallet by a surfer near Ashford Beach in the Condado neighborhood of San Juan.

MakerDAO is a decentralized lending platform on the Ethereum blockchain that powers the DAI stablecoin, allowing users to take out loans in DAI using other cryptocurrencies as collateral, with governance managed through MKR token voting.

Mushegian’s passing came just hours after he posted a troubling tweet accusing the CIA, Mossad, and the “pedo elite” of plotting to kill him, a message that has since fueled intense speculation surrounding the cause of his death.

Mushegian, originally from Florida, had relocated to Puerto Rico, where he lived in a reported $6 million home and continued his work on a new decentralized stablecoin called RICO. His family, including his father who had recently joined him out of concern for his well-being, maintains that his death was not the result of foul play, attributing it to his struggles with mental health.

Puerto Rico police have supported this view, finding no signs of violence during their initial examination, though a small skull laceration was noted, and the official cause of death awaits a formal autopsy that remains pending to this day, three years later. Additonally, some have found it extremely odd that he was found fully clothed, with his wallet, in the ocean when he drowned.

Questions Linger Despite Official Findings

Despite the official stance, the timing of Mushegian’s death has ignited a firestorm of debate, particularly among his peers in the crypto sector. His final tweet, which garnered significant attention with thousands of likes and retweets, claimed that powerful entities were running a sex trafficking and blackmail operation in the Caribbean and planned to frame him with a planted laptop. This has led some, including Ameen Soleimani, CEO of Spankchain, to voice suspicions of foul play, suggesting the coincidence was too striking to ignore. The beach where he was found is notorious for its dangerous currents, a factor that local authorities cite as a likely explanation, especially given recent hurricane damage that may have worsened conditions.

Friends and colleagues offer a mixed picture of the late innovator. Brock Pierce, a prominent cryptocurrency entrepreneur, described Mushegian as a brilliant yet troubled individual whose visionary mind sometimes bordered on instability. Rune Christensen, his co-founder at MakerDAO, recalled a recent conversation where Mushegian seemed optimistic about his new project, though already preoccupied with conspiracy theories about government interference.

Recent discussions surrounding the Jeffrey Epstein case, centered on his private retreat in the U.S. Virgin Islands, have reignited interest in Nikolai Mushegian’s death. The Epstein scandal, with its alleged connections to powerful figures and Caribbean operations, has prompted some to revisit Mushegian’s final tweet and his controversial death. This renewed attention underscores ongoing questions about his drowning in Puerto Rico in October 2022. The parallels between the two cases, both tied to the Caribbean, continue to fuel speculation online.

As of July 14, 2025, the investigation remains open, but no new evidence has emerged to challenge the accidental drowning narrative. The lack of detailed autopsy results and the vivid nature of Mushegian’s final accusations continue to keep the conversation alive on social media platforms. His contributions to decentralized finance endure, yet the mystery of his death serves as a poignant reminder of the complex challenges faced by those at the forefront of this industry.