Comment by ptx

Yes... but...

Presumably the proxy replaces any occurrence of the placeholder with the real key, without knowing anything about the context in which the key is used, right? Because if it knew that the key was to be used for e.g. HTTP basic auth, it could just be added by the proxy without using a placeholder.

So all the attacker would have to do then is find and endpoint (on one of the approved hosts, granted) that echoes back the value, e.g. "What is your name?" -> "Hello $name!", right?

But probably the proxy replaces the real key when it comes back in the other direction, so the attacker would have to find an endpoint that does some kind of reversible transformation on the value in the response to disguise it.

It seems safer and simpler to, as others have mentioned, have a proxy that knows more about the context add the secrets to the requests. But maybe I've misunderstood their placeholder solution or maybe it's more clever than I'm giving it credit for.