So they're using AES in CTR mode for encryption. They encrypt both key (website + login) and value (password) using the same key (wallet private key) and counter (1). [1] Which means you can just bruteforce popular domain names, xor encryptedPass ^ encryptedKey ^ domainName, and get first bytes of the password (depending on domain name length), just by going through some recent TXs at [2].
Well, hopefully this will get better under proper scrutiny.