Billionaire heiress Taylor Thomson has reportedly lost over $80 million in digital assets after following investment guidance from a psychic.
According to a Wall Street Journal (WSJ) report released on Monday, Thomson, who is part of the family behind media and financial powerhouse Thomson Reuters, invested millions in cryptocurrencies with assistance from her former best friend, Ashley Richardson.
This decision followed consultations with a celebrity psychic and other spiritual advisors. Richardson grew increasingly involved in managing Thomson’s crypto investment portfolio. During the 2021 market surge, Richardson was reportedly managing over $140 million in cryptocurrencies for Thomson across various wallets.
However, the cryptocurrency market decline in mid-2022 significantly impacted the portfolio, with consulting firm Guidepost Solutions estimating Thomson’s losses to surpass $80 million. Allegations state that Richardson executed over 450,000 trades without proper authorization, involving Thomson in high-risk strategies.
Psychic advice on crypto trades led to million-dollar lawsuits
Richardson has denied the allegations, asserting that she acted based on Thomson’s instructions. She mentioned that the trades were critical for managing liquidity in illiquid tokens.
Richardson stated that there was no formal contract between herself and Thomson and that her agreement with Thomson was only verbal. She claimed that she never not gained from the arrangement.
“Everything I did was based on her directions, as part of her initiative to reduce losses,” Richardson told the WSJ.
The conflict has escalated into a legal battle. In 2023, Thomson initiated a lawsuit against Richardson and Persistence (XPRT), a proof-of-stake blockchain introduced in 2021.
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Thomson invested $40 million in the XPRT token
Thomson reportedly allocated $40 million in the XPRT token of Persistence, which has drastically decreased in value since 2021.
On May 15, 2021, the XPRT token reached an all-time high of $16.59, according to CoinGecko. Currently, the token trades at $0.037, resulting in a 99% drop since its peak.
Thomson is suing Richardson and Persistence for $25 million, claiming they secretly established a “finder’s fee” for Richardson. She has also accused them of misrepresentation.
“Ms. Richardson has shared her fabricated narrative with the media in a bid to extract more money from Ms. Thomson,” a Thomson representative remarked.
In response, Richardson has countersued for $10 million, claiming defamation after Thomson allegedly informed associates that she committed fraud.
The report indicated that Thomson and Persistence have reached a settlement, but the litigation against Richardson continues.
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