Regression in 3.4 - c0f6e5a is the first bad commit
Reproduction code:
import markdown
s = r'''
<img src="..\..\foo.png">
'''
print(repr(markdown.markdown(s)))
Output before vs after:
'<p><img src="..\\..\\foo.png"></p>'
'<p><img src="..\\\x0246\x03.\\foo.png"></p>'