Victims of iHub Global's previous failed ventures, including its Helium Network mining scheme, are now being redirected into TranzactCard. The shift follows a series of operational failures for iHub Global, which first launched in early 2021.
iHub Global initially marketed "Coolspot" Helium Network (HNT) mining devices. The company pitched these as "money machines," promising significant returns through cryptocurrency mining. This sales approach relied heavily on speculative cryptocurrency enthusiasm.
The Helium Network itself was presented as a decentralized WiFi network, intended for low-power "internet of things" devices. It raised $53.3 million from investors through the sale of these mining machines between June 2021 and August 2022. However, the network generated only $92,000 in actual WiFi usage fees during the same period. The disparity meant Helium Network, and by extension iHub Global, primarily profited from selling equipment rather than a functioning service. Only executives and top recruiters of Helium Network and iHub Global saw substantial earnings.
After the Helium Network's collapse, iHub Global moved its affiliates into OpenView Network through a rebranded entity called "iHub Meta." OpenView Network claimed on its website to be "backed up by one of the largest reseller networks in the world, i-Hub Global, with over 1.4 million Affiliates worldwide." It also stated partnerships with major third-party hardware suppliers and ad networks, including Bing, Google, Loop, and Propellor.
OpenView Network announced plans to launch an OVN cryptocurrency. Instead, it failed to deliver on its marketing promises and effectively exit-scammed its participants. This outcome left iHub Global affiliates, once again, holding "worthless points."
iHub Global also introduced other speculative ventures to its affiliates. These included a discount travel portal called iHub Travel, an ERC tax credit scheme, and LoopTV. The iHub Travel portal appeared to be a minimal effort to add a product to the company's back office. The ERC tax credit scheme remains active, but LoopTV, which involved selling digital signage to businesses, has also ceased operations.
The current "strategic partnership" between iHub Global and TranzactCard began several months ago, as disclosed in company webinars. This agreement includes financial compensation for iHub Global executives for steering their affiliates toward TranzactCard. A key component of this transition involves converting the defunct OVN points into TranzactCard's Z-Bucks.
Richard Smith, TranzactCard's founder, stated on a recent iHub Global webinar that affiliates can "take the points that were gonna go away, that are useless," and convert them. He added, "we're gonna have a conversion table and you come over and build at TranzactCard. You'll receive Z-Bucks for that."
Z-Bucks are a rewards currency tied to the use of TranzactCard's VISA debit card. TranzactCard claims each Z-Buck holds a $1 value within its yet-to-launch e-commerce platform. iHub Global CIO Eric Zhivalyuk reported that iHub Global has sent approximately 200,000 emails promoting TranzactCard. Many of these email recipients are believed to have incurred losses across iHub Global's various failed schemes.
TranzactCard itself acknowledged its pre-launch phase has been "a mess" just a few weeks ago. The company's current structure, which involves collecting fees on "coming soon" products, mirrors the operational patterns of Smith's prior failed multi-level marketing venture, R Network.