On October 25th, on-chain detective ZachXBT stated on his social media platform that well-known KOL and CEHV partner Adam Cochran promoted a Friend.Tech-style social project called cipher.fan on X on October 22nd, emphasizing that the project will soon have an airdrop and claiming to be an angel investor in the project. However, just one day later, cipher.fan suddenly announced on October 24th that it had decided to stop operating due to business obstacles. Although the project team has stated that they will return the funds of all seed round investors, users who purchased shares for investment or airdrop purposes have almost lost everything, causing a large number of users to face financial losses.

In response to ZachXBT's questioning, Adam Cochran responded that he was also angry about the project team's decision and suffered some losses as a result, but he did not believe that the project team was rug pulling. They only failed to operate due to high costs.