In October 2022, Nikolai Mushegian was found dead on a beach in Puerto Rico. This happened just hours after he tweeted that several intelligence agencies were after him. He was the co-founder of MakerDAO.
On November 22, 2022, broker Javier Biosca was found dead in Estepona. He was under investigation by authorities at the time for Spain’s largest cryptocurrency fraud case.
Just a day later, co-founder Tiantian Kullander of the Amber Group was found dead, apparently dying under mysterious circumstances in his sleep. On November 25, Vyacheslav Taran was killed in a helicopter crash.
Finally, on December 30, Park Mo, the VP of Vidente, was found dead in front of his home in the early morning. He was the largest shareholder of Bithumb, a South Korean cryptocurrency exchange.
These incidents have sparked several rumors and wild conspiracy theories about why someone might be targeting crypto billionaires.
Crypto Billionaires’ Subsequent Deaths Spark Wild Theories
In late 2022, five crypto billionaire deaths within three months created several conspiracy theories within the cryptocurrency community. These events happened just before and during the FTX collapse. Four of these events occurred within 30 days of each other, causing many to blame the “central banking hierarchy” for what was happening.
FTX was a cryptocurrency derivatives exchange founded in 2019 by Sam Bankman-Fried and Gary Wang.
It quickly became one of the largest and most popular exchanges in the crypto space, with a wide range of products and services, including futures, options, leveraged tokens, and spot trading.
Here are the primary takeaways from that event before diving deeper into the subsequent deaths of the crypto billionaires during this time.
- FTX reached a total collapse in early November of 2022. This event happened after a report from CoinDesk that highlighted potential solvency and leverage concerns with Alameda Research, an affiliated trading firm.
- When the collapse happened, the crypto market became significantly more volatile than usual. It lost billions of dollars, falling below a $1 trillion valuation.
- As this happened, FTX faced a liquidity problem. They searched for bailout funds, which Binance considered offering, but this idea quickly fell through, and nothing else was offered.
- Sam Bankman-Fried stepped down as CEO as the company filed for bankruptcy.
- In the hours after that happened, FTX experienced a possible attack or hack where hundreds of millions of dollars in tokens were stolen.
- Bankman-Fried was arrested in The Bahamas and extradited to the US in late December to face charges. He pleaded not guilty to the criminal charges filed against him in January 2023.
It only took ten days for FTX to collapse in November 2022. CoinDesk reported that Bankman-Fried held a positional value of $5 billion in FTT, the native token for FTX. The documentation disclosed that Alameda Research’s investment foundation was also in that token, not a fiat currency or another crypto option.
That prompted concern within the industry that Bankman-Friend wasn’t being forthright about his positions.
Why Is Cryptocurrency So Volatile?
Cryptocurrencies are decentralized digital assets that operate independently of governments and financial institutions. Their volatility can be attributed to several factors.
First, crypto has a limited supply. The value of tokens is primarily determined by market demand. As demand increases, so does the price, and vice versa.
There is also a need for more regulation in this industry. Cryptocurrencies are not subject to the same regulatory oversight as traditional financial markets. That can lead to market manipulation and other fraudulent activities to trigger price fluctuations.
The value of cryptocurrencies can be affected by news and events, such as government regulations, security breaches, and major corporate partnerships.
Market sentiment is another concern. If investors believe a particular cryptocurrency is undervalued, they may buy more, increasing the price. On the other hand, if they think the token is overvalued, they might sell, causing the price to drop.
Cryptocurrencies are based on complex blockchain technology that is still relatively new and constantly evolving. Changes and updates to the technology can affect their value.
Whenever there is volatility involved with money, the stakes are much higher. You can earn a significant fortune in weeks or months, but then lose it as quickly. People tend to make rash decisions if the latter occurs because their way of life can change significantly.
Why Do Deaths Occur More Often When Financial Losses Occur?
It is a common misconception that only rich people commit suicide or purposely put themselves at risk for severe accidents when they lose their wealth. In fact, suicide is a complex issue that can affect people from all walks of life, regardless of their socio-economic status.
People often feel a strong sense of shame or failure when they experience a significant financial loss. They may have tied their sense of self-worth and identity to their wealth or social status, and losing that can devastate their mental health.
Financial problems are also a significant stress source, contributing to mental health concerns like anxiety and depression.
If you or someone you know is struggling with mental health issues, it’s important to seek help from a qualified mental health professional.
The concern with the crypto billionaires is that the events all happened around the same time. Although it could be mere coincidence, many people think that something deeper could be happening.
It wouldn’t be the first time that events, initially dismissed as a simple conspiracy theory, turned out to be true.
Have Any Conspiracy Theories Turned Out to Be Real?
Yes, there have been some conspiracy theories that have turned out to be authentic. It is essential to note that not all of them are true, even though some of them happened.
Most conspiracy theories are based on a lack of evidence or misinformation.
Here are three famous examples of conspiracy theories in American culture that turned out to be true.
The Tuskegee Syphilis Experiment
From 1932 to 1972, the US Public Health Service conducted a study on the progression of untreated syphilis in African American men in Tuskegee, Alabama, without their informed consent or proper medical treatment. The unethical research was exposed by a whistleblower in 1972 and led to changes in medical ethics and regulations for human subject research.
The government eventually issued a formal apology and provided compensation to the victims and their families.
The MK-Ultra Problem
In the 1950s and 60s, the CIA conducted a secret program called MK-Ultra, which involved using drugs, hypnosis, and other techniques to manipulate individual behaviors and mental states. The program was exposed in the 1970s by investigative journalists.
A congressional investigation, which led to reforms in the CIA’s oversight and restrictions on its experimentation on humans, also occurred.
The Iran-Contra Affair
This theory alleged that members of the Reagan administration were secretly selling weapons to Iran in exchange for hostages and using the profits to fund anti-communist rebels in Nicaragua despite a congressional ban being in place to prevent such funding from happening. The story was proven to be accurate, and several officials were indicted and convicted of crimes.
Operation Northwoods
In the early 1960s, the Joint Chiefs of Staff proposed a plan called Operation Northwoods, which involved carrying out false flag attacks on US soil to justify a war with Cuba.
The plan was rejected by President Kennedy, but its existence was declassified and made public in the early 2000s.
The Watergate Scandal
In this conspiracy theory, it was alleged that President Nixon’s administration was involved in illegal activities in 1972, including the break-in at the Democratic National Committee headquarters at the Watergate complex in Washington, DC. This event led to the discovery of a larger conspiracy to illegally wiretap phones and commit other crimes in an effort to help President Richard Nixon win re-election.
When the facts were revealed and the story proven, Nixon decided to resign from office to prevent additional political fallout and an impeachment process.
The COINTELPRO Conspiracy
In the 1960s and 70s, the FBI’s Counterintelligence Program (COINTELPRO) was exposed by journalists and activists. The program involved the FBI conducting illegal surveillance and harassment of political activists, including civil rights leaders, anti-war protesters, and others.
Are There Other Cryptocurrency Conspiracy Theories?
Besides the issue of the billionaires all passing away within a short time of each other, there are a few cryptocurrency conspiracy theories that are popular in the industry.
The first involves Satoshi Nakamoto’s identity. The identity of the person or group of people behind the pseudonym “Satoshi Nakamoto,” who created Bitcoin, is still unknown. Some have speculated that it could be a government agency, a large corporation, or a group of individuals with ties to organized crime.
There is also a thread online where people believe that large holders of a specific cryptocurrency are manipulating the market to benefit themselves.
A few people believe that governments and central banks are trying to regulate the crypto industry. This theory assumes that central banks and governments view cryptocurrency as a threat to their authority and are therefore attempting to control or even outlaw it. There have been cases where governments have cracked down on cryptocurrency exchanges or banned specific cryptocurrencies altogether.
Is It Worth Listening to the Conspiracy Theories?
Conspiracy theories can have an adverse impact on a person’s mental health. They contribute to higher paranoia, mistrust, and anxiety levels because they can create a sense of hopelessness or helplessness. Beliefs are often not supported by evidence, which develops a sense of fear and uncertainty in those that think of these events as facts.
Conspiracy theories can contribute to social isolation, as those who believe in them may feel that they cannot trust anyone who does not share their beliefs. This conclusion can lead to a breakdown in social support systems, which can be detrimental to mental health.
I know these impacts happen because I see them in my extended family. One of my uncles is retired from 30 years in police and security work. He spends every day browsing online forums and political discussions, convinced that the world is coming to an end and that evil is everywhere.
A phone call from him is what put this issue with the crypto billionaires on my radar. He thinks that there is a dark agency, controlled by world governments, attempting to quash free speech and economic activity to ensure people stay like blissful sheep.
Could there be some truth to the wild theories out there about the cryptocurrency billionaires? Anything is possible. However, it is crucial for us to discuss facts more than opinions or conjecture to ensure we’re not wasting time going down a rabbit hole.
The internet is filled with misinformation. Check your references, perform your due diligence, and draw conclusions based on factual data. That way, you’ll know what is real.
