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A Debian bug report [1] indicated that Links does not properly verify SSL certificates. If you visit a web site with an expired SSL certificate, Links will only display "SSL error" without any indication as to what the error was. This, in and of itself, is not a flaw however when testing, I found that when you go to a site with a valid SSL certificate, but for a different hostname (for example, if you go to https://alias.foo.com which might be a CNAME or a proxy for https://foo.com) Links will connect without any errors or warnings. Doing the same in a browser like Google Chrome, however, reports "You attempted to reach alias.foo.com, but instead you actually reached a server identifying itself as foo.com." and allows you to either proceed or not, before loading the site.
[1] http://bugs.debian.org/cgi-bin/bugreport.cgi?bug=694658
Unspecified vulnerability in Links before 2.1, when "only proxies" is enabled, has unknown impact and attack vectors related to providing "URLs to external programs."
Integer overflow in Links before 2.8 allows remote attackers to cause a denial of service (crash) via crafted HTML tables.
The putchars function in htmlr.c in Twibright Links 2.14 allows remote attackers to cause a denial of service (buffer over-read) via a crafted HTML file.