Shedding Light on Complex Bitcoin Mixer Transactions: 67-Fold Reduction in Unclassified Cases

Nikolay Larionov, Yekaterina Smolenkova, Yury Yanovich

Bitcoin's Unspent Transaction Output (UTXO) model enables public analysis of fund flows, but users often merge transactions into Shared Send Mixers (SSMs) to obscure these flows. U…