Billionaire heir Taylor Thomson reportedly lost more than $80 million in digital assets after following investment advice related to psychics.
According to a report by the Wall Street Journal (WSJ) on Monday, Thomson, a member of the family behind media and finance giant Thomson Reuters, has invested millions in crypto assets with the help of her ex-best friend Ashley Richardson.
The move is reportedly addressed both women with celebrity psychics and other spiritual advisors. Richardson is deeply involved in Thomson’s crypto portfolio. During the 2021 Bull Run, Richardson reportedly managed more than $140 million in cryptography for Thomson with multiple wallets.
However, due to the slump in crypto in mid-2022, the portfolio has been dented, with consulting firm GuidePostSolutions estimated Thomson’s losses to exceed $80 million. The company claimed that Richardson would execute more than 450,000 transactions without proper permission, exposing Thomson to a dangerous strategy.
Psychic advice on crypto transactions led to a million dollar lawsuit
Richardson denied the allegations, saying she acted under Thomson’s direction. She said trading is necessary to manage liquidity with thinly traded tokens.
Richardson added that there was no formal agreement between her and Thomson, and that they only had an oral agreement on Thomson’s behalf. She insisted that she never profited from the arrangement.
“Everything I did was based on her instructions as part of my efforts to minimize losses,” Richardson told WSJ.
The conflict has since evolved into a legal battle. In 2023, Thomson sued Richardson for Perseverance (XPRT).
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Thomson invested $40 million in XPRT tokens
Thomson reportedly invested $40 million in Persistence’s native XPRT token, which has been in value since 2021.
According to Coingecko, on May 15, 2021, the XPRT token reached an all-time high of $16.59. At the time of writing, the token is trading at $0.037, a 99% decline since its record high.
Thomson sued Richardson and tenacity for $25 million, claiming he secretly arranged Richardson’s “viewfinder fee.” She also accused the duo of misrepresentation.
“Mr. Richardson took her fake stories to the media to withdraw more money from Ms. Thomson,” a spokesman for Thomson said.
Richardson retorted for $10 million, claiming honor loss after Thompson told Associates he committed a fraud.
The report added that permanence with Thomson has reached a settlement, but the lawsuit against Richardson continues.
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