Billionaire heiress Taylor Thomson has lost a significant amount in digital assets after consulting a psychic.
Taylor Thomson's Cryptocurrency Investments
Taylor Thomson, part of the family behind Thomson Reuters, invested millions in cryptocurrency with the help of her former best friend Ashley Richardson. According to the Wall Street Journal, both women consulted a celebrity psychic and other spiritual advisers, leading Richardson to manage Thomson's crypto portfolio, which reached over $140 million during the 2021 bull market.
Legal Disputes with Her Friend
Following the sharp decline in cryptocurrency prices in mid-2022, Thomson's losses were estimated to exceed $80 million. The consulting firm Guidepost Solutions alleged that Richardson executed over 450,000 trades without proper authorization, jeopardizing Thomson's financial security. Richardson denied these allegations, claiming she acted under Thomson's instructions and had no formal contract.
Market Crashes and Their Consequences
Thomson filed a lawsuit for $25 million against Richardson and the blockchain Persistence (XPRT), in which she invested $40 million. The XPRT token has since fallen by 99% from its peak of $16.59 in 2021. In response, Richardson countersued for $10 million for defamation, asserting that Thomson attempted to portray her as a fraud.
Taylor Thomson's situation highlights the risks of investing in cryptocurrencies and the implications of relying on unverified advice.
