Taylor Thomson, a billionaire heiress from Thomson Reuters, faced significant losses in cryptocurrency investments due to advice from psychics.
Taylor Thomson's Crypto Misadventure
Taylor Thomson reportedly lost over $80 million in crypto investments during the 2021–2022 market cycle. The losses were the result of advice from celebrity psychics, leading to a series of legal battles.
Key figures involved include Taylor Thomson and Ashley Richardson, her former friend and advisor. Richardson managed around $140 million in assets, but lacked formal crypto experience.
Financial Impact and Failures
The financial impact was severe, with $40 million directly invested in Persistence's XPRT token, which collapsed nearly 99%. This represents a significant portion of the spike in speculative investment failures in 2022.
These losses have prompted continuing litigation and public fallout. No financial bodies like the SEC or CFTC commented on the situation.
Industry Reactions and Risk Analysis
Crypto KOLs and industry leaders have maintained a neutral stance without issuing public statements on the situation. Legal and industry outcomes remain uncertain as the market absorbs the news of disputed losses.
The case highlights risks in relying on non-professional financial advice.
Taylor Thomson's story serves as a warning about the dangers of investing in cryptocurrency based on non-professional advice, highlighting the need for regulatory action in the financial sector.
