Upgrade from CloudForms 3.0 to 3.1 fails due to having wrong encryption key

Issue

CloudForms doesn't start after upgrade of CloudForms 5.3. After upgrading CloudForms from 5.2.3 to 5.3 the CloudForms service won't start anymore. When we starts the services, we're getting the following messages:

# service evmserverd restart
/var/www/miq/lib/util/miq-password.rb:37:in `decrypt': no encryption key v1_key (RuntimeError)
        from /var/www/miq/lib/util/miq-password.rb:64:in `decrypt'
        from /var/www/miq/lib/util/miq-password.rb:89:in `try_decrypt'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:65:in `block in decrypt_password_fields'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:47:in `block in walk_nested_hashes'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:45:in `each'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:45:in `walk_nested_hashes'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:48:in `block in walk_nested_hashes'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:45:in `each'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:45:in `walk_nested_hashes'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:64:in `decrypt_password_fields'
        from /var/www/miq/vmdb/lib/vmdb/configuration_encoder.rb:34:in `load'
        from /var/www/miq/vmdb/config/environments/patches/database_configuration.rb:16:in `database_configuration'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activerecord-3.2.17/lib/active_record/railtie.rb:84:in `block (2 levels) in <class:Railtie>'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/lazy_load_hooks.rb:36:in `instance_eval'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/lazy_load_hooks.rb:36:in `execute_hook'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/lazy_load_hooks.rb:26:in `block in on_load'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/lazy_load_hooks.rb:25:in `each'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/lazy_load_hooks.rb:25:in `on_load'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activerecord-3.2.17/lib/active_record/railtie.rb:80:in `block in <class:Railtie>'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/initializable.rb:30:in `instance_exec'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/initializable.rb:30:in `run'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/initializable.rb:55:in `block in run_initializers'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/initializable.rb:54:in `each'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/initializable.rb:54:in `run_initializers'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/application.rb:136:in `initialize!'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/railtie/configurable.rb:30:in `method_missing'
        from /var/www/miq/vmdb/config/environment.rb:5:in `<top (required)>'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/dependencies.rb:251:in `require'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/dependencies.rb:251:in `block in require'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/dependencies.rb:236:in `load_dependency'
        from /opt/rh/ruby193/root/usr/share/gems/gems/activesupport-3.2.17/lib/active_support/dependencies.rb:251:in `require'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/application.rb:103:in `require_environment!'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/commands/runner.rb:44:in `<top (required)>'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/commands.rb:64:in `require'
        from /opt/rh/ruby193/root/usr/share/gems/gems/railties-3.2.17/lib/rails/commands.rb:64:in `<top (required)>'
        from /var/www/miq/vmdb/script/rails:6:in `require'
        from /var/www/miq/vmdb/script/rails:6:in `<main>'