ZachXBT: The FT imitation project cipher.fan, endorsed by well-known KOL Adam Cochran, is suspected of being a rug pull

ChainCatcher news, on social media, on-chain detective ZachXBT stated that well-known KOL and CEHV partner Adam Cochran posted on X on October 22 to promote a social project called cipher.fan, which is similar to Friend.Tech, emphasizing that the project is about to airdrop and claiming to be an angel investor in the project.

However, just one day later, on October 24, cipher.fan suddenly announced that it would cease operations due to business obstacles. Although the project team has stated that they will refund all seed round investors' funds, the shares purchased by users for investment or airdrop purposes have nearly gone to zero, resulting in significant financial losses for many users.

In response to ZachXBT's doubts, Adam Cochran stated that he was also very angry about the project team's decision and has also suffered some losses, but he does not believe the project team is rug pulling; they simply "failed to operate due to high costs."