I had a similar problem with my Virus TI.
I would get the two flashing white LEDs and nothing else.
Factory reset did not work either.
The solution I found was to reinstall as per the FAQ Fatal error intructions:
- Launch the Virus TI Software Suite Installer for Mac OS X or Windows
- Laptop users make sure that you connect your laptop to the power supply
- Remove all cables (USB, MIDI and Audio)
- Remove power plug from Virus and wait for 20 seconds
- Hold the EXIT key while plugging the Virus power plug in again
your Virus should indicate to be in updater/bios mode now
- connect Virus to your computer using USB
- run installer application
Hope this helps