Chromium and gnome-keyring, no username or password

I am seeing the same problem with Chrome.

Status changed to 'Confirmed' because the bug affects multiple users.

This might be the same issue, or at least related - http://code.google.com/p/chromium/issues/detail?id=98601

However, I see the CPU usage simply by running chrome, and it's not just sync that freezes. Attempting to look at my list of saved passwords in settings also freezes chrome.

This has happened to me repeatedly. Rebooting does not clear the issue. Some times, Chrome asks if I want to restore my previous session; clicking this leads to an error pop up, but seems to stop the run-away CPU usage by gnome-keyring-daemon.

I have this issue (gnome keyring daemon hogging cpu at login with either Chrome or Chromium) on multiple machines running 12.04. No freezes, just very high cpu usage. Killing the offending process has no obvious ill effects.

I'm inclined to think that the Chrome issue pointed out in #4 above, large keyring slow writes, is the cause since I also see this with a Fedora 17 machine when Chrome is fired up.

From: http://karuppuswamy.com/wordpress/2010/06/18/enter-password-to-unlock-your-keyring-prompt-in-ubuntu/

What I did was to remove the old keystore with:
killall -9 gnome-keyring-daemon
rm -fr ~/.gnome2/keyrings

and then on the first prompt to enter a new keyring password, i.e. when starting Chrome, I simply press <enter>, a warning appears asking 'Use insecure storage?', where I press <enter> one more time. From now on, you won't be asked about passwords anymore.
And yes, this is insecure; if you are paranoid, don't do it.