Stops at "Starting services..."

I have an RB 532 that suddenly started giving “could not get roting2.dll” errors when I tried accessing it with Winbox. SSH did not work, and neither did MAC Telnet from another RB. It was routing everything fine, but we could not go in to change something.

This seemed to be a random CPU or Memory error. To resolve it, I used a remote power cycle switch.

After the power cycle, we got nothing. Could not talk to the unit at all. So I had a replacement put in, and am working on the borked one to see what happened.

I could not ping or communicate on any of the existing configured net blocks. Serial goes through the board’s stuff, but then stops at “Starting services…”

I decided to do an OS reload just to see what would happen. I used Netinstall 3.20, and RouterOS 2.9.51, which matched what was on the RB 532.

This worked, and I am now able to talk to the unit with the IP I configured. I also set the serial port to 115200 so that I can watch it go from board level to OS level at the same port speed. I then logged into the unit via Winbox and confirmed these settings.

Now when it boots, I can talk to it by IP, but on serial all I get is this:

RouterBOOT booter 1.3

RouterBoard 532

CPU frequency: 266 MHz
  Memory size:  32 MB

Press any key within 2 seconds to enter setup..
loading kernel from nand... OK
setting up elf image... OK
jumping to kernel code
Starting...
Starting services...

It never gets past that point.

And in the Winbox Terminal, I see this:

[admin@MikroTik] > port print    
Flags: I - inactive 
 #   NAME                             USED-BY                         BAUD-RATE
 0   serial0                          Serial Console                  115200   
[admin@MikroTik] > system console print 
Flags: X - disabled, U - used, F - free 
 #   PORT    TERM                                                              
 0 F serial0

Any clue where the issue it?