The announcement implies the artist, born Tim Bergling, struggled with depression and ultimately took his own life, aged 28.
The statement published byVariety reads: "Our beloved Tim was a seeker, a fragile artistic soul searching for answers to existential questions. An over-achieving perfectionist who travelled and worked hard at a pace that led to extreme stress.
"When he stopped touring, he wanted to find a balance in life to be happy and be able to do what he loved most - music.
"He really struggled with thoughts about Meaning, Life, Happiness. He could not go on any longer," the statement continues.
"He wanted to find peace. Tim was not made for the business machine he found himself in; he was a sensitive guy who loved his fans but shunned the spotlight.
"Tim, you will forever be loved and sadly missed. The person you were and your music will keep your memory alive.
"We love you, Your family."
If depression is affecting your life or you need someone to talk to, please do not suffer in silence. Support is available here.
Lifeline: 13 11 14
Suicide Call Back Service: 1300 659 467
Beyondblue: 1300 224 636