Billionaire heiress loses $80M in crypto after psychic investment advice

Billionaire heiress Taylor Thomson reportedly lost over $80 million in cryptocurrency after acting on investment advice allegedly provided by a celebrity psychic. Thomson, part of the family behind media and financial services giant Thomson Reuters, entrusted her former best friend, Ashley Richardson, with managing a significant portion of her crypto portfolio. According to a report by the Wall Street Journal, both women reportedly consulted spiritual advisors before entering the crypto market [1].

During the 2021 bull market, Richardson reportedly oversaw more than $140 million in crypto assets across multiple wallets. However, the market correction in mid-2022 led to substantial losses. Consulting firm Guidepost Solutions estimated that Thomson lost more than $80 million in the process. The firm alleged that Richardson executed over 450,000 trades without proper authorization, exposing Thomson to high-risk investment strategies [1].

A significant portion of the loss came from a $40 million investment in the XPRT token, the native asset of the proof-of-stake blockchain Persistence. On May 15, 2021, the XPRT token hit an all-time high of $16.59. By the time of the report, its value had dropped to $0.037, a decline of nearly 99%. Thomson has since sued Richardson and Persistence for $25 million, alleging a secret “finder’s fee” and misrepresentation [2].

Richardson denied the allegations, claiming that all trades were made at Thomson’s instruction to manage liquidity in illiquid tokens. She emphasized that there was no formal contract between them and that she did not profit from the arrangement. In response, Richardson countersued Thomson for $10 million, accusing her of defamation after she allegedly labeled Richardson a fraud to associates. Reports indicate that Thomson and Persistence have reached a settlement, but the legal battle with Richardson continues [3].

The case illustrates the risks associated with informal and unregulated investment practices, particularly when guided by non-professional advisors. Thomson’s experience highlights the volatile nature of the crypto market and the legal challenges that can arise from informal arrangements involving large sums. It serves as a cautionary tale for high-net-worth individuals to exercise due diligence and ensure that investment strategies are managed through structured and transparent legal agreements.

Source:

[1] Cointelegraph - [Billionaire heiress $80M loss psychic crypto WSJ](https://cointelegraph.com/news/billionaire-heiress-80m-loss-psychic-crypto-wsj)

[2] AOL.com - [Scion one Canada richest families dumped best friend](https://www.aol.com/scion-one-canada-richest-families-221636829.html)

[3] advfn.com - [Psychic's advice cost billionaire heiress $80M in crypto](https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96694498/psychic-s-advice-cost-billionaire-heiress-80m-in)