I installed UltraVNC1_1_9_X86_Setup.exe and try to use setpasswd.exe to set passwords. Setpasswd.exe is not correctly recording the VNC password hash in ultravnc.ini.
Executing setpasswd.exe anneke janneke produces following result:
[ultravnc]
passwd=616E6E656B6500000072
passwd2=EEA481C5F91D578ACF ...