A lawsuit has been filed by the heir to the Thomson Reuters fortune against her former best friend after a psychic’s recommendation led to massive crypto bets that cost millions.
Reportedly, over $80 million in digital assets was lost by billionaire heiress Taylor Thomson after investment advice was followed that was linked to a psychic.
According to a Wall Street Journal (WSJ) report on Monday, millions were invested in crypto assets by Thomson, who’s part of the family behind the media and financial giant Thomson Reuters, with the help of her former best friend, Ashley Richardson.
The move came after both women reportedly consulted a celebrity psychic and other spiritual advisers. Richardson became deeply involved in Thomson’s crypto portfolio. During the 2021 bull run, over $140 million in crypto was reportedly managed by Richardson for Thomson across multiple wallets.
However, a massive dent was put in the portfolio by the crypto downturn in mid-2022, with the consulting firm Guidepost Solutions estimating that Thomson’s losses exceeded $80 million. It was alleged by the company that over 450,000 trades were executed by Richardson without proper authorization, which exposed Thomson to risky strategies.
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‘Psychic’ Advice on Crypto Trades Triggers Million-Dollar Lawsuits
The allegations were denied by Richardson, who said that she acted under Thomson’s instructions. She said that the trades were necessary for the management of liquidity in thinly traded tokens.
Richardson added that a formal contract between her and Thomson was not made and that she only had an oral agreement on Thomson’s behalf. She claimed that she never profited from the arrangement.
Richardson told the WSJ that everything she did was based on her instructions, as part of her effort to minimize losses.
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A legal battle has been evolved from the dispute. In 2023, Richardson and Persistence (XPRT), a proof-of-stake blockchain launched in 2021, were sued by Thomson.
Thomson Invested $40 Million in XPRT Token
Reportedly, $40 million was invested by Thomson in Persistence’s native XPRT token, which has collapsed in value since 2021.
According to CoinGecko, an all-time high of $16.59 was reached by the XPRT token on May 15, 2021. At the time of writing, the token is being traded at $0.037, which is a 99% decrease since its record high.
Richardson and Persistence were sued by Thomson for $25 million, as it was alleged that a “finder’s fee” for Richardson was secretly arranged by them. They were also accused of misrepresentation by her.
It was said by a Thomson spokesman that “Ms. Richardson has taken her bogus story to the media in an attempt to extract more money from Ms. Thomson.”
A countersuit for $10 million was filed by Richardson, who alleged defamation after it was told to associates by Thomson that she had committed fraud.
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The report added that Thomson and Persistence had reached a settlement, but the case against Richardson continues.
