>>1941656>>1941656Your chain didnt get stripped down to bare metal. The residual grease or oils contaminates the wax to make that gunk.
Heres what the excess wax looks like on my chain also using squirt. It's a very dry clay texture like paste. Using excess isnt what's causing that imo because it drys to a dry paste once the water carrier evaporates.
I would do mineral spirits which gets the bulk of the grease followed by degreaser and finally methylated spirits to remove the final film of oil.
I imagine its a lot harder to strip a used chain than a fresh new one.