I have connected to this Instance in the past using a slightly older version of Absolute Telnet. Since, I have had to reinstall Windows 7 and Absolute Telnet. I have created a new RSA key pair and downloaded the private key in a .pem file.

When I attempt to connect, I get "Authentication Failed".

I am pointing at the correct key file and "Use RSA/DSA Key" is selected. I am using EC2-User per Amazon's instructions.

The following is the trace output:

Connecting to 50.16.197.32:22
attempting 50.16.197.32:22... Success!
Connected to ec2-50-16-197-32.compute-1.amazonaws.com
SSH - PacketDecoder RECEIVED: 5353482D322E302D4F70656E5353485F352E330D0A

--- stuff removed ---

C9E4A0172B9D25EFFF48397AD87332A29F814A531DB06F223C0CD109127018A5D5B2F9CFDFB8CFF099EFA6C9AF033D5696C990F9
SSH - Received SSH_MSG_USERAUTH_FAILURE (15 bytes, seq nr 5)
Data: 33000000097075626C69636B657900
SSH - Sending SSH_MSG_DISCONNECT (24 bytes, seq nr 7)
Data: 010000000B0000000955736572206578697400000002656E

Which verSion did you use before? Can you try that version again? It is important to know first if it is a version info or actual authentication failure with the host (locked account or something simple).

It would have been one or two updates previous at most as I update quite frequently. Unfortunately I cannot tell the exact version. This problem exists on two separate instances.