Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced to 15 years in prison for what a judge called an "epic fraud.

Bitcoin and Ethereum are holding steady, but derivatives data shows traders quietly raising their exposure. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market value, traded in a narrow range on Friday.

District Judge Paul Engelmeyer offered the Terraform Labs co-founder the chance to postpone his sentencing date, in light of hundreds of victim impact statements shared with the court in the past 24 hours.