With the Ronin Network hack, how truly secure are Blockchain networks

The Ronin network hack has lingered in the news for quite a while and the unfolding events keeps getting hotter and insightful by the day. With the hacker carting away about $625 million in both USDC and Eth, the media has tagged this to be the largest crypto hack in history.

Although the hack on the Ronin network happened sometime in March, reports on www.coindesk.com as at May 18, 2022 states that over 5,505 ether connected to the Ronin exploiter address seem to be on the move via privacy exchange Tornado cash.

These are pretty scary news for crypto adopters and the crypto sphere as a whole as security breaches of this kind only place a caveat on the security feature which blockchain networks like Ethereum, BNB chain, zetrix and many others claim to have.

Although we may be quick to exempt these layer one networks, with the claim that Ronin is an Ethereum-linked sidechain which is built specifically for blockchain gaming, we however must no be too quick to forget that even Solana recently lost nearly $52.8 million to a ‘fake account’ exploit.

Remembering that these aren’t just in-the-air crypto as we could think it to be, but in reality, they are funds owned by people like you and I.

With all of these scary money-losing hacks, do you think blockchain networks are truly walled and secure as they position themselves to be?