RE: Sniff telnet connections

[one () two com]

You may be able to perform DNS cache poisoning forcing them to connect to your machine over the internet instead of 
their target host - assuming that they are resolving the hostname they are connecting to.

More than likely though you will need to compromise a box on the remote network and capture with something like dsniff 
or Cain&Abel.

Cheers,
One2

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