Bitcoin laundering is a practical and cost-effective option for cyber criminals/hackers to launder hacked bitcoin from stolen wallets.

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Bitcoin tumbling

A cryptocurrency tumbler or cryptocurrency mixing service is a service that mixes potentially identifiable or “tainted” cryptocurrency funds with others, so as to obscure the trail back to the fund’s original source.

What are crypto mixers?

Individuals and businesses use crypto mixers to hide the origin and destination of their cryptocurrency coins. These services provide significantly more privacy than standard blockchain transactions, which are built upon the idea of transparency.  

Currency mixers lean into the idea of anonymity on the blockchain as it allows users to swap and “clean” coins without leaving traces on the blockchain, and without transaction history.  

Due to the private nature of crypto mixers, they have been embraced by criminals as a new and secure way to turn ill-gotten gains into fresh coins.

And although crypto mixers weren’t directly created for criminal purposes, they are now predominantly used for this.

How do crypto mixers work?

Before diving into how crypto mixers work, it’s important to understand the basic steps of money laundering. That’s because mixers directly mirror what happens in cash money laundering, except coins are located on the blockchain instead.  

What are the two types of crypto mixers?

Centralized mixers.

Users give their bitcoins to a centralized crypto mixer, which directly mixes the coins in one pot and spits back different bitcoins of the same value.  

For account holders, this means placing a high level of trust in the crypto mixer (it is a third party after all). The centralized mixer still holds a record of the origin and recipient’s coins, which if exposed, defeats the privacy that mixing offers.  

Moreover, if the mixer was subject to a hack or data breach, for example, all of the currency could be lost. 

Decentralized mixers.

Decentralized mixers offer an alternative, taking advantage of the concept of a ‘zero knowledge proof’, which allows a statement to be proven without revealing its contents.  

Users pool together in a coordinated effort and use smart contracts to secure their transactions. For example, imagine 100 users wanting to each mix one bitcoin – each user puts one in and the same user gets a different bitcoin back.  

Because protocols are used to obscure the transactions in decentralized mixers, nobody knows who their original bitcoin now belongs to. These decentralized protocols are considered more secure than centralized mixers, as there are no possible records to expose.