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@Razvan-Ciltea
I had a similar problem. A Pycom hotspot did an OTA update (I suspect) and then went down sometime after that. It had asked me to change the password to the local web interface, which it had never done before, so I assume it had updated. The solid indicator lights I got were just like yours, except I didn't know there was one on the back of the CM4 adapter board.
In any case, the SD Card was corrupt. I could see the 256Mb FAT partition and its contents, but could not delete or write any new files. DISKPART could not wipe the disk. I plugged it into a Linux laptop and tried to use DD to wipe it and that failed.
Luckily, I still had a brand new hotspot I had not installed, so I used Balena Etcher to clone the card to a Samsung 64gb high endurance card. It booted up, I paired it to bluetooth, and it is back up and running normally.
If you have a dropbox or similar account, I can image the OEM drive using USB Image Tool (https://www.alexpage.de/usb-image-tool/) and upload the image so you can restore it on a new drive using the same utility. The file will be 32Gb though - unless it will compress well.
Note: My hotspots are US915, so I don't know if the image for an EU or different region is the same or not.