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When setting up and running a crypto exchange using the Codono source code, it's essential to consider specific security measures to ensure the safety of users' funds and data. Here are the top 10 things to avoid for a crypto exchange built on the Codono platform:

  1. Avoid Using Weak or Default Passwords: Ensure that all user passwords, admin credentials, and API keys are strong and not set to default values.

  2. Avoid Storing Private Keys on the Server: Private keys for users' crypto wallets should never be stored on the server. Use hardware wallets or other secure methods for key management.

  3. Avoid Using Insecure APIs: Carefully vet and secure all APIs used for external integrations, such as price feeds and payment gateways, to prevent potential vulnerabilities.

  4. Avoid Ignoring Cold Storage: Implement a cold storage solution for storing a significant portion of users' crypto assets offline to prevent hacking attempts.

  5. Avoid Overlooking KYC and AML Compliance: Implement robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent fraud and illegal activities on the exchange.

  6. Avoid Insufficient Security Audits: Regularly conduct security audits, penetration tests, and code reviews to identify and fix vulnerabilities in the exchange.

  7. Avoid Neglecting Server Security: Secure the server environment with firewalls, intrusion detection systems, and regular security updates to prevent unauthorized access.

  8. Avoid Allowing Weak or No Two-Factor Authentication: Enable two-factor authentication (2FA) for all user accounts to add an extra layer of security.

  9. Avoid Exposing Sensitive Data: Ensure that sensitive data, such as transaction details and user balances, is not exposed to unauthorized users.

  10. Avoid Delaying Security Updates: Promptly apply security patches and updates to the Codono source code and all related libraries to address any known vulnerabilities.

By avoiding these pitfalls and taking a proactive approach to security, you can enhance the safety of your crypto exchange and build trust among users, ultimately contributing to the success of your platform.