I'm have the same or similar problem.
I just had to have my board database restored to Jan 23 (x.x;) and now when I try to log into EasyMOD I get "INVALID PASSWORD SUPPLIED". Now... I only ever use one password so I'm guessing the backup changed it.
I tried the steps on the Read Me, however I'm not even sure if I did them right as I really know nothing at all about php and all that. (The only 'Edit' button I could find, without surfing through pages was in words and all it did was bring up a window with the SQL in it again... However there was nothing that read "Function MD5". I have step by step screen shots below.)
Can someone help me?
Step 1 and 2 are easy... So I don't have shots for them.