Blockchain records displays that two wallets belonging to the U.S. Division of Justice moved a dapper chunk of Bitcoin on Wednesday morning.

The wallets moved 9,825 BTC, amounting to a small over $300 million on the time of writing, in three separate transactions. The value of Bitcoin dropped by 1% after the transactions, falling to an intra-day low of $30,228.

In November 2021, the U.S. executive seized over 50,000 BTC from James Zhong, who pled guilty to unlawfully acquiring the money from hacking the darkish internet marketplace Silk Freeway spherical 10 years ago. At the time, the seized Bitcoin changed into once value $3.36 billion, marking the largest executive cryptocurrency seizure in history.

In March, the U.S. executive sold 9,861 BTC and disclosed that it planned to sell the remainder in four separate installments via the direction of the year.

“We don’t ever have to flood the market with a tall amount, which then may need an attain on the pricing ingredient,” said Jarod Koopman, director of the Interior Earnings Service’s cybercrime unit, in an interview with CNBC.

Within the transfers made on Wednesday, the executive licensed the exchange by charge goal, designed to let Bitcoin users tempo up transaction execution at some level of courses of community congestion by replacing an earlier transaction with one which has a increased charge.

To this level, the executive has carried out its Bitcoin gross sales via Coinbase, an trade beneath fire from the U.S. Securities and Alternate Commission (SEC) for allegedly working an unregistered securities trade.