Billionaire heiress Taylor Thomson reportedly lost over $80 million in digital assets after following investment advice linked to a psychic.
According to a Wall Street Journal (WSJ) report on Monday, Thomson, who’s part of the family behind the media and financial giant Thomson Reuters, invested millions in crypto assets with the help of her former best friend, Ashley Richardson.
The move came after both women reportedly consulted a celebrity psychic and other spiritual advisers. Richardson became deeply involved in Thomson’s crypto portfolio. During the 2021 bull run, Richardson reportedly managed over $140 million in crypto for Thomson across multiple wallets.
However, the crypto downturn in mid-2022 put a massive dent in the portfolio, with consulting firm Guidepost Solutions estimating Thomson’s losses to exceed $80 million. The company alleged that Richardson executed over 450,000 trades without proper authorization, exposing Thomson to risky strategies.
Psychic advice on crypto trades led to million-dollar lawsuits
Richardson denied the allegations, saying she acted under Thomson’s instructions. She said that the trades were necessary to manage liquidity in thinly traded tokens.
Richardson added that there was no formal contract between her and Thomson and that she only had an oral agreement on Thomson’s behalf. She claimed that she never profited from the arrangement.
“Everything I did was based on her instructions, as part of her effort to minimize losses,” Richardson told the WSJ.
The dispute has since evolved into a legal battle. In 2023, Thomson sued Richardson and Persistence (XPRT), a proof-of-stake blockchain launched in 2021.
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Thomson invested $40 million in the XPRT token
Thomson reportedly invested $40 million in Persistence’s native XPRT token, which has collapsed in value since 2021.
On May 15, 2021, the XPRT token reached an all-time high of $16.59, according to CoinGecko. At the time of writing, the token trades at $0.037, down 99% since its record high.
Thomson sued Richardson and Persistence for $25 million, alleging that they secretly arranged a “finder’s fee” for Richardson. She also accused the duo of misrepresentation.
“Ms. Richardson has taken her bogus story to the media in an attempt to extract more money from Ms. Thomson,” a Thomson spokesman said.
Richardson countersued for $10 million, alleging defamation after Thomson told associates she committed fraud.
The report added that Thomson and Persistence had reached a settlement, but the case against Richardson continues.
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