PS2Net functionaly broke somewhere between commit 41e4ebe (Jan 2019) and the current release.

[Apocalypse612]

I don't know how or when it happened, but PS2Net completely broke for FTP purposes between at least commit 41e4ebe and the current dev release. I tested and confirmed this myself, though I cannot say when exactly, or how.

[Pysis868]

2021-10-16 build loads and shows IP information, but I do not see the machine on my network.
Cable works fine with another machine.
Works with 2019-01-14 build.

[daf0x]

For those that find this report like me after upgrading from an older version only to find that you have to spend a few hours to get things working again, the above mentioned 2019-01-14 build is still broken; although FTP works, it does not load HDD automatically modules so you can't actually FTP anything to the hard drive (unless you do some manual steps).

The last known properly working version is wLaunchELF_v4.43a (Build-6d4d3f3-2018-10-20) which you can find in the OLDER BUILDS section of this topic: https://www.ps2-home.com/forum/viewtopic.php?t=1895.