Hey @Bandit. Thanks for bringing this to our attention! Whenever the Chime 2nd Generation has a flashing green and red light that are alternating, it means that the wifi password that was put in during setup is incorrect. Although, if you have the device showing as online and reporting as you described in the Ring app, we may have to just establish this connection in order for it to stop flashing with this light pattern.
If you can, please go into the Ring App > Main Menu > Devices > Chime > Device Health > Change wifi network. This will take you through re-setting up the device, and putting in said wifi password for your home network when you get there. After completing these steps, if you see the red/green flashing light return, please complete delete/remove the device from your system, and then re-set up as you did before. For any reason that light pattern shows back up, even after re-setting up the device, please let me know! In addition, capturing a video of this evidence will be very helpful. 