Analysis of Peeling Chain Model in Bitcoin Mixing Service

In Bitcoin, users often use mixing services to conceal the true information of transactions and protect their privacy. In these services, the peeling chain is a common mixing method that distributes funds to users through multiple consecutive transactions connected by change addresses. This paper investigates the peeling chain model in Bitcoin mixing services, categorizing it into three parts: user input transactions, merge transactions, and distribution transactions. Additionally, a peeling chain search algorithm is proposed to detect distribution transactions in the chain, and its validity is demonstrated through experiments. The findings of this study have implications for other Bitcoin mixing services.