I came from this post, and Get-MSSQLCredentialPasswords does not return anything.
After I while I found the following query returns empty result:
$SqlCmd = "SELECT name,credential_identity,substring(imageval,5,$ivlen) iv, substring(imageval,$($ivlen+5),len(imageval)-$($ivlen+4)) pass from master.sys.credentials cred inner join master.sys.sysobjvalues obj on cred.credential_id = obj.objid where valclass=28 and valnum=2"
Any ideas? I got no exceptions or errors.