TLDR: Missing Exotic Cipher & Inability to claim new Exotic Ciphers.
I'd like to report a problem I've encountered in relation to Exotic Ciphers. Some weeks ago, I claimed an Exotic Cipher as a seasonal milestone reward and I have not used it to this day. Two days ago, I completed the memorial quest on Mars and discovered that another Exotic Cipher is given - a pleasant surprise, to be honest. I tried to claim it and the message "can only hold one at a time" popped up. "Fair enough", I thought, then went to the Tower to use my some-weeks-old Exotic Cipher in order to get a weapon from Master Rahool - Devil's Ruin was my intention. Confusingly, when I hovered my mouse onto the weapon's icon, I saw amongst the requirements that it read "exotic cipher 0/1" in red coloring. I, then, searched my inventory to find no Exotic Cipher whatsoever. Still, it reads "claimed" in the seasons menu and still it reads "can only hold one at a time" when I talk to my beloved Hunter, Ana. I don't understand why this bug occurred and it saddens me that I can't make use of such a unique item. I hope this report was useful.
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Check your vault. Sounds like it could be there, as even if it is vaulted, it will still tell you you are carrying one.
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You must have put it in your vault. Even in the vault it still says you can only hold 1.