Mixing Services in Bitcoin and Ethereum Ecosystems: A Review

ABSTRACT This manuscript presents an exhaustive review of blockchain‐based mixing services, aiming to fill the existing gap between academic innovations and real‐world implementations. Starting with an identification of the core functionalities and techniques employed by mixing services, the paper delves into detailed explanations of these operational mechanisms. It further outlines an evaluation framework tailored for a rigorous assessment, highlighting the key vulnerabilities and strengths of various solutions. In addition, the study identifies potential attack vectors that compromise these services. The paper explores the dual nature of mixing services: while they contribute to the preservation of privacy—a cornerstone of blockchain technologies—they can also facilitate illicit activities. By addressing key research questions, this study not only offers a comprehensive overview of the current state of mixing services but also sets the stage for future academic discourse in this evolving field.