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Dragonfly Report: U.S. Crypto Users May Miss Out on Over $5 Billion in Airdrop Gains Due to Geographic Restrictions

According to ChainCatcher's message, the latest "2025 Airdrop Status Report" released by Dragonfly shows that U.S. users missed out on significant cryptocurrency airdrop gains due to regional restriction policies. The report analyzed data from 12 airdrop projects (11 with regional restrictions and 1 unrestricted control project) between 2019 and 2023, estimating that between 920,000 and 5.2 million active U.S. users (accounting for 5-10% of U.S. cryptocurrency holders) were affected by these regional restriction policies.The study found that in 2024, approximately 22-24% of active crypto addresses globally belong to U.S. residents. The 11 projects in the sample collectively generated about $7.16 billion in value, with around 1.86 million users participating in claims, and the average median claim amount per eligible address was approximately $4,800. The report estimates that U.S. users lost potential gains of $1.84 billion to $2.64 billion due to regional restrictions between 2020 and 2024.More broadly, based on an analysis of 21 regional restriction airdrop samples by CoinGecko, U.S. users may have lost between $3.49 billion and $5.02 billion. This resulted in an estimated federal tax loss of about $418 million to $1.1 billion, and a state tax loss of approximately $107 million to $284 million, totaling tax losses of $525 million to $1.38 billion. The report also noted that the relocation of crypto businesses overseas has significantly reduced U.S. tax revenues; for example, Tether reported a profit of $6.2 billion in 2024, which, if fully subject to U.S. taxes, could contribute about $1.3 billion in federal corporate tax and $316 million in state tax.
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