US cryptocurrency users have missed out on billions of dollars in potential airdrop profits due to geo-restrictions, despite up to 24% of cryptocurrency addresses being held by US residents.

According to a recent report from Dragonfly , around 5.2 million Americans have been blocked from receiving airdrop tokens due to policies designed to reduce regulatory exposure.

The report analyzed 11 geo-blocked airdrops. In total, these airdrops are valued at $7.16 billion and are distributed among 1.9 million wallet addresses. This means the median payout per wallet address is around $4,600.

The report found that between 2020 and 2024, US cryptocurrency users missed out on airdrops worth between $1.84 billion and $2.64 billion.

Another larger dataset analyzed by CoinGecko consists of 21 blocked airdrops. This brings the upper limit of missed payments to $5.02 billion. While some users may have accessed these airdrops via VPN, there will still likely be a significant portion of recipients who never claimed their tokens.

The analysts concluded: “The economic impact of geo-blocking on users in the U.S. is severe, resulting in significant revenue losses that impact both individual claimants and the broader economy.”

Overall, between $418 million and $1.1 billion in federal tax revenue was lost due to the restrictions. The report notes that these estimates do not include additional capital gains tax from the sale of airdrop tokens.

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