Michaela
Summary: How did billionaire heiress Taylor Thomson lose over $80 million in cryptocurrency?
Taylor Thomson reportedly lost more than $80 million after following investment guidance from a celebrity psychic and other spiritual advisors. Her former friend Ashley Richardson managed millions of her crypto holdings and carried out numerous trades, some allegedly without proper authorization. The 2022 crypto market downturn then caused the portfolio’s value to plummet, resulting in the substantial losses.
Billionaire heiress Taylor Thomson, heir to the Thomson Reuters fortune, reportedly suffered losses exceeding $80 million in cryptocurrency after following investment guidance from a celebrity psychic and other spiritual advisors.
The Wall Street Journal reports that Thomson, following consultations with a celebrity psychic and other spiritual advisors, invested millions in cryptocurrency with assistance from her former best friend, Ashley Richardson. Richardson reportedly took an active role in managing Thomson’s digital asset portfolio, overseeing more than $140 million across multiple wallets during the 2021 crypto surge.
The 2022 cryptocurrency market downturn inflicted significant losses on Thomson’s portfolio. Consulting firm Guidepost Solutions estimated her losses exceeded $80 million and alleged that Richardson conducted more than 450,000 trades without proper authorization, exposing Thomson to considerable financial risk.
Richardson denied any wrongdoing, asserting that all trades were executed under Thomson’s direction. She added that the transactions were intended to manage liquidity in tokens with low trading volumes.
Furthermore, Richardson maintained that she did not personally benefit from the arrangement and emphasized that there was no formal contract with Thomson, relying solely on an oral agreement to act on Thomson’s behalf.
In 2023, the billionaire heiress filed a lawsuit against her former friend and the blockchain project Persistence, which focuses on decentralized finance (DeFi). Thomson had reportedly invested $40 million in Persistence’s native XPRT token, which has significantly declined in value since 2021. The lawsuit, seeking $25 million in damages, alleges that Richardson and Persistence secretly arranged a “finder’s fee” for Richardson and engaged in misrepresentation.
Richardson responded by filing a $10 million countersuit against Thomson, claiming defamation after the billionaire heiress allegedly told associates that she had committed fraud. Meanwhile, Thomson and Persistence reportedly reached a settlement, according to the Wall Street Journal.
Beyond the headlines, the dispute raises questions about the boundaries between personal trust and financial responsibility in the growing world of cryptocurrency.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
