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ERC20 Converter: Fate of Converted Tokens

I am looking for more specific information about how the ERC20 token conversion process works. 1. Do you need to own the token in order to convert it? 2. Once converted, will the tokens be stored in a new wallet with a new address? 3. Does this conversion of the ETH token clone/duplicate the token onto the Cardano network, or does it burn the ETH token after it is converted?
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