Cryptocurrency and Mysticism: A Recipe for Financial Disaster

💸 Thomson Reuters heiress lost $80M in crypto after following a psychic’s advice

The world of cryptocurrency has delivered another story worthy of a TV drama. This time, the scandal centers on Taylor Thomson, heir to the Thomson Reuters media empire. Her story combines friendship, trust, millions of dollars, and… a psychic’s guidance

A few years ago, Thomson and her close friend Ashley Richardson decided to try their hand in digital assets. Their inspiration was not a financial analyst or a Wall Street broker, but a medium they consulted for advice.

As a result, Thomson invested hundreds of millions in crypto, and a separate bet on the XPRT (Persistence) token proved catastrophic: the asset plummeted 99%, and she lost about $40M on that position alone.

“Everything I did was based on her instructions, as part of her efforts to minimize losses,” Richardson told WSJ.

During the crypto boom of 2021, things looked much brighter: Richardson effectively managed her friend’s portfolio, which then exceeded $140M and included hundreds of thousands of transactions. But the market crash in 2022 turned dramatic: according to consulting firm Guidepost Solutions, Thomson’s total losses exceeded $80M. Part of the 450,000 trades, prosecutors claim, was executed without the owner’s consent.

Today, the conflict has moved to the courtroom. Thomson filed a $25M lawsuit against Richardson and Persistence developers, accusing them of fraud, hidden fees, and breach of agreements. In response, Richardson said she acted solely on an oral agreement, had no personal gain, and is now seeking $10M for defamation.

The story serves as a clear example of how risky investments can be when they are based not on calculations, but on faith in mysticism and “guru” advice. It also highlights the fragility of friendships when tens of millions of dollars are at stake

Lessons for investors:

1. Emotions and intuition don’t replace analysis. Even if someone seems like a “trusted advisor,” relying on psychics or friends without financial expertise is a direct path to losses.
2. Control and transparency are key. Delegating portfolio management without clear written agreements makes an investor easy prey for fraudsters or incompetent managers.
3. Diversification is the best shield. Large bets on a single little-known token or project can wipe out wealth faster than the market can “blink.”
4. Even billionaires make mistakes. Money doesn’t guarantee financial savvy; preserving capital often matters more than having it.

🧿 This story isn’t just tabloid drama. It illustrates a fundamental investing principle: success comes from strategy, discipline, and critical thinking — not from trusting “inspirations” or promises of quick miracles.