Canadian billionaire heiress Taylor Thomson, a member of the family behind Thomson Reuters, is at the center of a dramatic legal battle after losing over $80 million on cryptocurrency investments. The losses stemmed from advice and trading actions by her former best friend, Ashley Richardson, during the crypto boom and subsequent market downturn.

Thomson alleges that Richardson managed her multimillion-dollar crypto portfolio from 2021 and, without proper authorization, conducted more than 450,000 trades in the first half of 2022. The lawsuit claims that Richardson’s investment decisions were not rooted in financial analysis but were instead influenced by psychic guidance, exposing the portfolio to risky strategies that resulted in massive losses when the market crashed.

Richardson denies wrongdoing, stating she acted on Thomson’s instructions and that there was only an oral agreement between them. She maintains that many trades were necessary due to low liquidity in certain cryptocurrencies and claims she never personally profited from managing the assets.

The dispute has grown increasingly personal and complex. In addition to suing Richardson, Thomson also filed suit against Persistence, a blockchain company launched in 2021, alleging it paid Richardson a substantial kickback. While Thomson settled with Persistence privately, the legal battle with her former friend continues, with Richardson countersuing for $10 million.

This high-profile clash highlights the dangers of informal agreements, the volatility of the crypto market, and the risks of relying on non-traditional investment advice—even among the ultra-wealthy.