In the field of cryptocurrency, mixers are a unique entity that are favored by privacy advocates for their ability to hide the source and whereabouts of assets on the chain; But at the same time, because criminals often use them as a tool for money laundering, currency mixers are also facing huge regulatory pressure in various countries.
A coin mixer is a service specifically for cryptocurrency transactions that aims to hide part or all of the source of sent currency, thereby increasing the anonymity and privacy of cryptocurrency and making transactions difficult to trace. It enhances the anonymity of transactions by combining cryptocurrencies with numerous transactions in a way that makes it impossible to detect the source and destination of these assets. Coin mixers work by mixing multiple users’ virtual coins together and then redistributing them to different addresses, thereby masking the true origin and destination of transactions. This process makes tracking and monitoring more difficult by obfuscating and disrupting transaction paths. Coin mixers emerged to meet the need to improve the anonymity of cryptocurrency users. Through this service, users can enhance transaction privacy and security and protect the privacy of personal transactions.
How mixers work can be further explained as: In cryptocurrency transactions, through mixers, users can mix assets with other people’s assets to increase confusion and obscure the transaction chain. This mixing process hides original direct correspondences, making it harder to trace what the cryptocurrency is used for and who it belongs to. Coin-mixing services disguise the flow of funds by mixing potentially identifiable cryptocurrency funds with other currencies, making it difficult to trace the source of the funds. Such services can be found not only in underground forums, but also by anyone on the terrestrial internet, providing a means of enhancing the anonymity of transactions.
Currently, Tornado Cash is the largest currency mixing protocol on Ethereum. According to the official introduction, Tornado Cash is a completely decentralized non- Hosted currency mixing protocol, which allows people to conduct private transactions on the chain.
Tornado Cash accepts users’ cryptocurrency deposits through smart contracts and allows users to withdraw funds from different wallet addresses, improving transaction privacy by breaking the on-chain correlation between the source address and the destination address.
However, Tornado Cash was included in the sanctions list by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) in August 2022 because it was suspected of being used by North Korean hackers. The three co-founders of Tornado Cash, Alexey Pertsev and Roman Storm and Roman Semenov were both charged.
Umbra is a protocol that allows users to make private transfers on Ethereum. The unique feature is that only the payer and the payer can know who received the transfer. In terms of specific product operations, the logic of the Umbra protocol is:
Since the receiving address is never used on the chain, it is impossible for any outside observer to know who controls it.
CoinMixer is an old BTC currency mixing protocol that has existed since 2017. The protocol currently holds over $1.2 million in Bitcoin, so instead of waiting for others to trade along, mixing is usually done instantly.
The basic steps for using a coin mixer include choosing a trustworthy platform, understanding the operating principles, registering and configuring an account, sending assets, waiting for the mixing to complete, and withdrawing the mixed assets.
First of all, users need to choose a trustworthy coin mixer platform. This step is crucial, as choosing a proven and reputable platform ensures the security of your assets and privacy. Next, users need to understand how the mixer operates. Coin mixers achieve the purpose of protecting user privacy by mixing users' digital assets with other users' assets, making transaction paths blurred and difficult to track and correlate.
Then, users need to follow the guidance provided by the platform to register an account and configure currency mixing options, such as currency mixing quantity and currency mixing delay. After completing these configurations, users need to send the digital assets they want to mix to the mixer address. This step requires carefully following the platform's instructions to ensure that the assets arrive at the mixer correctly.
Next, the user needs to wait for the currency mixing to complete. Depending on the selected mixing delay, wait for a period of time to ensure the mixing process is completed. Once the currency mixing is completed, users can withdraw the mixed digital assets back to their accounts according to the platform's guidelines.
By following the above steps, users can use a mixer to fully protect the privacy of their digital assets. In addition, there are some specific coin mixer services, such as MixingCash, which provide services for converting ETH to BTC. Users can visit the MixingCash website, select the starting currency and target currency, enter the amount to be exchanged, and receive the exchange after The wallet address of the asset, confirm the transaction and follow any further instructions to complete the exchange process.
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