Gentoo amd64 there, tried both 2.3.0 and eba05e922e8e7f307bc5d4104a78797e55124e97 versions of qemu. Reproduces with qemu-x86_64 as well.
∞ strace qemu-arm bin/true 2>&1| head -n 100
execve("/usr/bin/qemu-arm", ["qemu-arm", "bin/true"], [/* 49 vars */]) = 0
uname({sysname="Linux", nodename="l29ah-home", ...}) = 0
brk(0) = 0x62a4d070
brk(0x62a4e2b0) = 0x62a4e2b0
arch_prctl(ARCH_SET_FS, 0x62a4d980) = 0
set_tid_address(0x62a4dc50) = 7841
set_robust_list(0x62a4dc60, 24) = 0
rt_sigaction(SIGRTMIN, {0x6011bd10, [], SA_RESTORER|SA_SIGINFO, 0x60122710}, NULL, 8) = 0
rt_sigaction(SIGRT_1, {0x6011bda0, [], SA_RESTORER|SA_RESTART|SA_SIGINFO, 0x60122710}, NULL, 8) = 0
rt_sigprocmask(SIG_UNBLOCK, [RTMIN RT_1], NULL, 8) = 0
getrlimit(RLIMIT_STACK, {rlim_cur=8192*1024, rlim_max=RLIM64_INFINITY}) = 0
readlink("/proc/self/exe", "/usr/bin/qemu-arm", 4096) = 17
brk(0x62a6f2b0) = 0x62a6f2b0
brk(0x62a70000) = 0x62a70000
rt_sigprocmask(SIG_SETMASK, ~[RTMIN RT_1], [], 8) = 0
mmap(NULL, 8392704, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_STACK, -1, 0) = 0x2c951ff9000
mprotect(0x2c951ff9000, 4096, PROT_NONE) = 0
clone(child_stack=0x2c9527f8df0, flags=CLONE_VM|CLONE_FS|CLONE_FILES|CLONE_SIGHAND|CLONE_THREAD|CLONE_SYSVSEM|CLONE_SETTLS|CLONE_PARENT_SETTID|CLONE_CHILD_CLEARTID, parent_tidptr=0x2c9527f99d0, tls=0x2c9527f9700, child_tidptr=0x2c9527f99d0) = 7842
rt_sigprocmask(SIG_SETMASK, [], NULL, 8) = 0
gettimeofday({1432174351, 569148}, NULL) = 0
getrlimit(RLIMIT_STACK, {rlim_cur=8192*1024, rlim_max=RLIM64_INFINITY}) = 0
time(NULL) = 1432174351
openat(AT_FDCWD, "/usr/gnemul/qemu-arm", O_RDONLY|O_NONBLOCK|O_DIRECTORY|O_CLOEXEC) = -1 ENOENT (No such file or directory)
uname({sysname="Linux", nodename="l29ah-home", ...}) = 0
mprotect(0x60519000, 33558528, PROT_READ|PROT_WRITE|PROT_EXEC) = 0
madvise(0x605190b0, 33554432, MADV_HUGEPAGE) = -1 EINVAL (Invalid argument)
mmap(NULL, 50331648, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c94eff9000
brk(0x62a91000) = 0x62a91000
mmap(NULL, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x1000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x2000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x3000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x4000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x5000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x6000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x7000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x8000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x9000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0xa000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0xb000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0xc000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0xd000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0xe000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0xf000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x10000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
mmap(0x11000, 4143972352, PROT_NONE, MAP_PRIVATE|MAP_ANONYMOUS|MAP_NORESERVE, -1, 0) = 0x2c857ff9000
mmap(0x2c957fe9000, 4096, PROT_READ|PROT_WRITE, MAP_PRIVATE|MAP_ANONYMOUS, -1, 0) = 0x2c857ff8000
munmap(0x2c857ff8000, 4096) = 0
munmap(0x2c857ff9000, 4143972352) = 0
This works for me so I think we must have fixed this problem at some point between 2.3 and current master. If you still have this problem with a QEMU build from head of git please reopen with instructions for how to reproduce.