Although research on The death of Nikolai Mushegian continues, the police in Puerto Rico has found no evidence of foul play in the disappearance of the MakerDAO co-founder.

Mushegian was an early developer of the MakerDAO crypto lending platform, as well as a contributor to various crypto projects. The well-known cryptocurrency developer was found dead on the beach in Condado, Puerto Rico on Tuesday, November 1.

Local media reports stated that the late 29-year-old MakerDao co-founder drowned while swimming and was swept away by rip currents near Condado Beach. Although beach patrols managed to recover his body from the ocean, there were no vital signs to prove his death. The area is known for its strong and dangerous ocean currents that have caused many deaths.

However, based on investigations by San Juan police (San Juan is a capital city of Puerto Rico), investigators have found no evidence of foul play in Mushegian’s death. Police found no “signs of violence” during a preliminary examination of Mushegian’s body, although their assessment identified the deceased as suffering from a small laceration to the skull.

The homicide division of the Puerto Rico Police Bureau is also investigating the matter, the results of which are identified as taking a month or more to be presented.

However, a source close to the San Juan police investigation said they believe a number of factors in the investigation point to the possibility that Mushegian’s death was related to suicidal motivation.

Some people who knew him mourned his passing as a preventable tragedy, noting the prevalence of mental health issues that plague “bright but troubled” leaders in the crypto industry.

In the months leading up to his death, Mushegian began posting increasingly conspiratorial messages on Twitter, implying that his ex-girlfriend had implicated him in various government espionage operations to assassinate him.

MakerDAO co-founder Rune Christensen recently recounted that he spoke with Mushegian three months ago and said that Mushegian seemed to be in a good mood. Christensen, however, said that Mushegian was already showing concerns about government and criminal conspiracies.

“He seemed happy to be building his new RICO stablecoin. But he was also concerned about a criminal group he believed was trying to interfere with his work,” Christensen said.

Hours before his death, Mushegian tweeted that mysterious forces, including the CIA (the US Central Intelligence Agency) and the Israeli intelligence agency Mossad, were planning assassinations.

The tweeted;

“The CIA, Mossad and the pedo elite are running a kind of blackmail ring to catch sex trafficking from Puerto Rico and the Caribbean islands. I’m going to be framed with a laptop planted by my ex-girlfriend who was a spy. They will torture me to death.”

Due to the post, stern users on Twitter and Reddit have speculated that Mushegian was killed in an attempted cover-up. the Crypto Twitter Community he has also expressed discontent regarding the cause of Mushegian’s death.

Many stakeholders in the community have hinted that unknown entities were behind the MakerDAO co-founder’s death. Others alleged that Mushegian was killed because he was trying to expose a sex trafficking ring in Puerto Rico.

Mushegian left MakerDAO in 2018, reportedly dissatisfied with the project’s departure from “its early ideals of decentralization and opposition to government and traditional capital.”

More recently, Mushegian was developing RICO, a decentralized stablecoin billed as a “spiritual successor” to DAI, the MakerDAO stablecoin. During his last days, he seemed to be convinced that the stablecoin had provoked state actors who were concerned about the potential of cryptocurrencies to threaten the dominance of the central banking system, so they planned to kill him.

Christensen continues to be actively involved in the MakerDAO protocol. Late last month, MakerDAO passed a proposal to place up to $1.6 billion worth of USDC on crypto exchange Coinbase, where you’ll earn rewards for your USDC treasury holdings. Earlier last month, MakerDao invested $500 million in US government bonds as part of efforts to diversify its balance sheet.

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