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Cyberleek Burned 270 Milion dev coins (lemmy.nz)

submitted 2 days ago by oldmanalex@sh.itjust.works to c/piracy@lemmy.dbzer0.com

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[-] bunnyBoy@pawb.social 2 points 1 day ago

So again, I'm definitely not knowledgeable on the subject, but doesn't it take some start up capital to even launch a coin? I guess that initial cash isn't really 'buying' a coin, but if starting a coin costs $20 and you gave yourself 20 coins, didn't you essentially buy the first 20 coins for $1 a piece?

[-] treadful@lemmy.zip 6 points 1 day ago* (last edited 16 hours ago)

Small network fee to deploy the contract. For a simple one, probably like $1. And this guy minted himself ~~billions of~~ 207M tokens.

So sure, technically you'll need some "startup capital" but saying they bought the tokens suggests it was on the open market which isn't the case.

[-] bunnyBoy@pawb.social 3 points 6 hours ago

Thanks for the information! I saw like one video about how people make meme coins, so I had some vague understanding, but this makes a lot more sense.

this post was submitted on 24 Aug 2026

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