Taylor Thomson’s Cryptocurrency Losses
Taylor Thomson, the billionaire heiress linked to the media empire Thomson Reuters, reportedly suffered significant losses—more than $80 million—in the realm of cryptocurrency. This downturn stemmed from an investment strategy guided by advice from a psychic, as revealed in a recent article by the Wall Street Journal.
Investment Journey and Strategy
Her investment journey began when Thomson collaborated with her longtime friend, Ashley Richardson, leading to substantial investments in various digital currencies. This investment wave followed consultations with not only a prominent psychic but also several other spiritual advisors. During the peak of the cryptocurrency market in 2021, Richardson took command of a crypto portfolio valued at over $140 million, managing it across numerous wallets.
Market Decline and Allegations
However, the digital currency market’s sharp decline in mid-2022 took a heavy toll, with consulting firm Guidepost Solutions estimating that Thomson’s crypto holdings plummeted, resulting in losses that exceeded $80 million. They alleged that Richardson executed in excess of 450,000 trades without the necessary permissions, and in doing so, introduced Thomson to precarious investment strategies.
Richardson refuted these claims, asserting that all trading activities were conducted following Thomson’s directives. She justified the high volume of trades as essential for navigating liquidity challenges within poorly traded digital tokens, and mentioned that her agreement with Thomson was informal, based solely on verbal consent, with no profits gained from the arrangement. “Everything I did was based on her instructions, aiming to lessen her losses,” she told the WSJ.
Legal Confrontation
The conflict has escalated into a legal confrontation. In 2023, Thomson initiated a lawsuit against Richardson and the blockchain project Persistence (XPRT), after investing $40 million in its XPRT token. Since its peak of $16.59 per token on May 15, 2021, the value of XPRT has plummeted dramatically to just $0.037, marking a staggering 99% drop.
Thomson is pursuing $25 million in her lawsuit against both Richardson and Persistence for alleged undisclosed finder’s fees and misrepresentation. A spokesperson for Thomson denounced Richardson as trying to mislead the public for financial gain. In response, Richardson filed a countersuit for $10 million, alleging defamation due to Thomson’s claims of fraudulent behavior. Although a settlement has reportedly been reached between Thomson and Persistence, the legal battle with Richardson remains unresolved.
