I have a wholehog 2 in my shop and the LEDs on the front panel start flashing about 30 seconds after you turn on the console. All three power LEDs on the back are on. I also reseated all of the cables inside the console. When I power on the console there is a single led in the left center of the console that comes on but the 4 LEDs on the lower left side of the cpu are off along with one led above the group of 4. When I hold the reset button all 5 of the LEDs dimly glow and slightly flash.
The front panel and the processor are not communicating. It may be as simple as a cable but there may also be a component failing, or traces deteriorating on the processor board for example. They can take a while to find and sort out, if at all.
For future reference, mine was IC4 on the processor board, this is a floppy disk controller that also looks after the link to the front panel via IC73 (75155). I can change these if anyone should require it.