I tried both, using the current official firmware tools, and downgrading to v1.1.92 and using @Sjef tool, I get to flash hacked v248 but when the HMD restarts it keeps flashing green and red 
might need some help from support here
I would carefully disassemble the headaet again & be sure all connectors are connected. That small board for example on the top of the lens might not be seated properly causes it to trip the intrusion routine upon power up.
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Will give it a try tomorrow. Now that you mention it, what is that intrusion routine exactly based on? I ask because I didn’t completely assembled the HMD, I wanted to make sure it was working before putting it back with all the screws and stuff. I have all the cables connected thou. Maybe the proximity sensor detects the housing is not on? might try putting it back together before checking all the cables again, it wasn’t particularly hard a disassembly, I’m used to repairing laptops and other electronics.
Thanks again for your help!
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From what @Sjef said if i remember right is some kind of photocell.
But yeah make sure headset is fully assembled.
So I just assembled it back and it went straight blue when I powered it on 
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if fixing red and green flashing, please reflash 244 first, then fresh the latest 265.
link:http://piplay-us.pimaxvr.com/P1_1.0.0.244.dfu