Crypto users in the US missed out on billions worth of potential gains from airdrops due to geoblocking restrictions despite 22-24% of global crypto addresses belonging to US residents.
According to a recent Dragonfly report, up to 5.2 million Americans have been blocked from claiming airdrop tokens due to policies that aimed to reduce regulatory exposure.
The report analyzed 11 geo-blocked airdrops. In total, these airdrops are valued at $7.16 billion and shared among 1.9 million wallet addresses. This means that the median payout per wallet address would be around $4,600.
Between 2020 – 2024, US crypto users have missed airdrops worth between $1.84 billion and $2.64 billion, the report says.
Another larger set of data analyzed by CoinGecko consists of 21 blocked airdrops. This brings the upper limit of the missed payouts to $5.02 billion. While some users would have accessed these airdrops via VPNs, there is still likely to be a significant portion of recipients who never claimed their tokens.
The report said, “The economic repercussions of geoblocking on U.S. users are profound, with significant revenue losses that affect both the individual claimers and the broader economic landscape.”
Overall, an estimated $418 million to $1.1 billion in federal tax revenue has been lost due to the restrictions. The report mentions that these estimates do not include the additional tax from capital gains from the sale of the airdrop tokens.
Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed