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I was going through 0x on-chain docs and I saw the official example here which calls an arbitrary contract swapTarget whose address is given as a parameter. It seems a huge security pitfall, as it can be exploited by a bad actor using an attacking contract passed as swapTarget parameter. Is there a proper way to obtain the swapTarget address, apart from calling the 0x API directly from the contract itself via Chainlink AnyAPI service?

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The target is currently always the same, so you can just use a whitelist.

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