There are cases in crypto history that never stop generating debate, and Nikolai Mushegian's case is definitely one of them. Years ago, in October 2022, this young man of just 29 was found dead on Condado Beach in San Juan, Puerto Rico. What happened afterward is what keeps many questioning to this day.

Mushegian was known in crypto circles as a co-founder of MakerDAO, someone who contributed significantly to the development of DeFi. But hours before being found, he had posted a series of quite disturbing tweets. He talked about intelligence agencies, human trafficking networks, high-level conspiracies. Then, he simply disappeared.

Local authorities concluded it was drowning. They said there were no signs of violence, only a small laceration on the skull. The area is known for its dangerous currents, and there have been other drownings there. Case closed, according to the official report.

But here is where the crypto community is divided. Some, like other billionaires in the space, suggested it could have been self-inflicted. Others found the circumstances too convenient. The timing of the tweets, the nature of what he wrote, the speed of the conclusions. Close friends described Nikolai Mushegian as brilliant but someone who had mental health issues.

What’s interesting is that, years later, Mushegian’s death continues to fuel theories on social media and crypto forums. It’s not that there’s concrete proof of conspiracy, but the way everything happened left too many unanswered questions. It’s a reminder that even in 2026, some cases remain a mystery.

Sometimes I think about how the crypto community remembers its fallen figures. Nikolai Mushegian left a technical legacy in MakerDAO, but he also left a question that probably will never have a definitive answer.