
the most brutal lesson in token launches is that you can owe taxes on value that doesn’t exist because the law says you received something “worth” millions on paper. This is Phantom income. In traditional startups you can file an 83(b) and move on, but tokens still live in an undefined space where the old rules don’t quite fit and the new rules haven’t been written.
The real challenge is to survive long enough build what you set out to build without getting stuck in traps like this. that means protecting your team from the invisible liabilities that live in the fine print. This is why structure is so so important.
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