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This usually happens if you have msys2 installation on Win7 and upgrade the packages to a version compatible only with win10+. The new OS has additional exports in its kernel and some libraries; these exports were not in place on Win7, so loader will fail.

While the question here is clearly about Cygwin rather than Msys2, similar solutions may apply - keep your runtime libraries in a version which still supports Win7, if you want to continue using that OS.