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Full advisory [idefense.com]
Basically, Opera doesn't handle telnet connections properly, creating a situation where anyone can write arbitrary information to your hard disk, overwrite files, etc. It's not a huge bug, but the advice is to upgrade to 7.50 and/or disable telnet handling in Opera (who uses Opera for telnet anyway?!)
Apparently there's a potential exploit for Firefox and other Mozilla variants via their handling of ssh too, so no comments about switching to them please! There is currently no fix for this problem.