Cryptocurrency Mixer Analysis
Third-party cryptocurrency mixers/tumblers are often used to heighten the anonymity of users affiliated with money laundering on the deep web. The mixing techniques implemented by these tools are often untraceable on the blockchain. This research aims to analyze an open source bitcoin mixer known as Penguin Mixer to find traceable transactional characteristics. These characteristics could lead to the identification of vulnerabilities in various mixing tools, promoting the identification of mixer use on the blockchain.