The bug was first reported by TechCrunch, which was tipped by multiple users who updated the app. In addition to this, users have also reported the issue through their App Store reviews. One of the reviewers said, "The app works just as it did before... but installing this update cleared ALL of my accounts that I had set up (Google Apps, DreamHost, Dropbox...) VERY IRRITATING."
Almost all reviews of the updated app complain that all their account tokens have been reset. This means that it would disconnect users from all services like Evernote and Dropbox if they use the app for two-factor authentication for signing in to these third-party services and users would need to connect their account again with each one of them.
Google has acknowledged the issue and has told The Next Web that it is working on an update that preserves the apps tokens and prevents data loss. It is expected to release an update to the app soon. Till then, you'd be better off not updating the app. It's worth pointing out that we were not able to locate the app in the US App Store.