Never heard of such thing ever in any google's blogs or anywhere else. Would like to know personally as well if it does get penalised.
What do you consider too many links? 100, 200 shouldn't be a problem if in your targeted industry most websites have thousands of incoming links. 10.000/20.000 in 24 hours I wouldn't do it.
IMHO, I DON'T really think it's possible to get penalized for such a thing... You can't really control who is going to link to, and what if you launched something important and it goes viral !??
If you post a large number of links to a new domain you will be penalised. Google will flag your site. It's better to start of with a small number and build up gradually at least for the first year. J
Make sure you do it manually and try out to what extent you can go manually. SEO is a slow ongoing process and much appreciated not so greedy about links - 100 is fine. 1000 is more
It's my understanding that you must add a similar amount of backlinks on a daily, or weekly basis, to make it appear that you are actually working on your site. If you just add a bunch of backlinks with a set and forget attitude, Google will penalize you.