I can also confirm this problem on my original Kobo eReader as well as numerous other ones of my friends'. So at the moment all original Kobo users are locked out from managing their device through Kobo's application.
SameerH, does your team do any testing before releasing software, or do you expect your users to have an issue after every update? I initially enjoyed my original eReader, but after so many problems have decided not to buy any future Kobo eReaders. I continue to use the original but am disappointed with problems such as this that have become a sad pattern for Kobo.