Tippingpoint reports:
This vulnerability allows remote attackers to execute arbitrary code on vulnerable installations of ProFTPD. Authentication is not required to exploit this vulnerability.
The flaw exists within the proftpd server component which listens by default on TCP port 21. When reading user input if a TELNET_IAC escape sequence is encountered the process miscalculates a buffer length counter value allowing a user controlled copy of data to a stack buffer. A remote attacker can exploit this vulnerability to execute arbitrary code under the context of the proftpd process.
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If you have found a vulnerability in a FreeBSD port not listed in the database, please contact the FreeBSD Security Team. Refer to "FreeBSD Security Information" for more information.