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CoinParty: Secure Multi-Party Mixing of Bitcoins

Bitcoin is a digital currency that uses anonymous cryptographic identities to achieve financial privacy. However, Bitcoin's promise of anonymity is broken as recent work shows how Bitcoin's blockchain exposes users to reidentification and linking attacks. In consequence, different mixing services have emerged which promise to randomly mix a user's Bitcoins with other users' coins to provide anonymity based on the unlinkability of the mixing. However, proposed approaches suffer either from weak security guarantees and single points of failure, or small anonymity sets and missing deniability. In this paper, we propose CoinParty a novel, decentralized mixing service for Bitcoin based on a combination of decryption mixnets with threshold signatures. CoinParty is secure against malicious adversaries and the evaluation of our prototype shows that it scales easily to a large number of participants in real-world network settings. By the application of threshold signatures to Bitcoin mixing, CoinParty achieves anonymity by orders of magnitude higher than related work as we quantify by analyzing transactions in the actual Bitcoin blockchain and is first among related approaches to provide plausible deniability.