The source of the USB key light flashing issue is the installation of the latest hardware key drivers, most likely through Windows Update. Windows Update will periodically search online for new drivers for installed hardware and install it automatically. With Aladdin being acquired by SafeNet, they made some changes, such as automatic firmware updating through the drivers. What was happening was the driver was updating the existing 3.21 firmware to 3.25. At times, the firmware update will hang up and the light on the key will start flashing.
The issue is further compounded when executing older V6.5 versions. The software will attempt to load firmware version 3.21 on the key if the firmware version is not at 3.21. What was happening was the latest HASP driver was automatically updating the 3.21 firmware to 3.25. When you start PTW32, our code saw that it wasn't at 3.21 and downgraded the 3.25 firmware to 3.21. It was going in a loop if you ever removed and reattached the key. You can check the firmware version through the Admin Control Center (ACC): http://localhost:1947 (The key may not show up on the ACC if the light on the key if flashing.)
The goal is to make the light on the key stop flashing. This can be accomplished by doing the follow steps in successive order. Stop when the light stops flashing and start PTW32.exe to make sure it opens.
PTW V18.104.22.168 build 2 or later will fix the firmware update issue and also prevent future firmware issues from happening.
Users with a desire not to update to V22.214.171.124 build 2 or later, uninstalling the new HASP drivers through the Windows Control Panel, installing the old HASPUserSetup.exe and running the old firmwareupdate.exe should stop the flashing.