Dragonfly Report: US Cryptocurrency Users May Miss Over $5 Billion in Airdrop Profits Due to Geographical Restrictions

March 12 News: According to the latest 2025 Airdrop Status Report released by Dragonfly, U.S. users have missed out on substantial cryptocurrency airdrop gains due to geographic restrictions. The report analyzed data from 12 airdrop projects between 2019 and 2023 (11 with geographic restrictions and one unrestricted control project), 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 policies.

The study found that in 2024, approximately 22-24% of active crypto addresses globally belonged to U.S. residents. Among the 11 projects in the sample, a total of $7.16 billion in value was generated, with around 1.86 million users worldwide claiming airdrops. The median claim per eligible address was approximately $4,800. The report estimates that due to geographic restrictions, U.S. users lost between $1.84 billion and $2.64 billion in potential earnings from 2020 to 2024.

On a broader scale, based on an analysis of 21 geographically restricted airdrop samples by CoinGecko, U.S. users may have lost between $3.49 billion and $5.02 billion. This has resulted in an estimated U.S. federal tax revenue loss of approximately $418 million to $1.1 billion, along with state tax losses ranging from $107 million to $284 million, bringing the total tax revenue loss to between $525 million and $1.38 billion.

The report also highlighted that the relocation of crypto companies overseas has significantly impacted U.S. tax revenues. For instance, Tether reported a profit of $6.2 billion in 2024. If the company were fully subject to U.S. taxation, it could contribute approximately $1.3 billion in federal corporate taxes and $316 million in state taxes.