Electrical – How to fix: ST-LINK device status: RUN_MODE Failed to initialize external memory!

Problem: I cannot upload/debug my STM32 application.

I'm using

• STM32F103C8T6 (BluePill development board)
• ST-Link V2.1
• STM32CubeIDE.

I tried another elf which works ok, but I don't see any obvious debug configuration changes between the application I want to upload/debug.
Output console:

STMicroelectronics ST-LINK GDB server. Version 5.3.2
Copyright (c) 2019, STMicroelectronics. All rights reserved.
Starting server with the following options:
        Persistent Mode            : Disabled
        LogFile Name               : E:\User\git\FuzzTester\FuzzTester\Debug\st-link_gdbserver_log.txt
        Logging Level              : 31
        Listen Port Number         : 61234
        Status Refresh Delay       : 15s
        Verbose Mode               : Enabled
        SWD Debug                  : Enabled
        InitWhile                  : Enabled

Target connection mode: Under reset
Hardware watchpoint supported by the target 
COM frequency = 4000 kHz
ST-LINK Firmware version : V2J34S7
Device ID: 0x410
PC: 0x8002108
ST-LINK device status: HALT_MODE
ST-LINK detects target voltage = 3.26 V
ST-LINK device status: HALT_MODE
Run external memory initializer
ST-LINK device status: RUN_MODE
Failed to initialize external memory!

Error in initializing ST-LINK device.
Reason: Unknown. Please check power and cabling to target.

I added EEPROM simulation, but I assume the application has not even started, so I doubt this can be an issue.

Also, power/cabling is not an issue, as I can debug another application (without changing cabling).

Furthermore, I upgraded my ST-Link which was successfully (option within the last menu option, earlier inside the ST-Link Utility).

Most obvious debug configuration settings: (not I use connection under reset, which always worked so far).

What did I do wrong?

I had many problems with connecting, but since I don't use PA11/12 for USB I did not had problems for the last months until now. What can I do to upload my application?

Below the complete log file.

[0.000] initConfigParams():  Configuration flags start
[0.000] initConfigParams():   halt                           false
[0.000] initConfigParams():   config-file                    ""
[0.000] initConfigParams():   persistent                     false
[0.000] initConfigParams():  +log-file                       "E:\User\git\FuzzTester\FuzzTester\Debug\st-link_gdbserver_log.txt"
[0.000] initConfigParams():  +log-level                      31
[0.000] initConfigParams():  +port-number                    61234
[0.000] initConfigParams():  +verbose                        true
[0.000] initConfigParams():   refresh-delay                  15
[0.000] initConfigParams():  +verify                         true
[0.001] initConfigParams():  +swd                            true
[0.001] initConfigParams():   swo-port                       61234
[0.001] initConfigParams():   cpu-clock                      8000000
[0.001] initConfigParams():   swo-clock-div                  128
[0.001] initConfigParams():  +initialize-reset               true
[0.001] initConfigParams():   debuggers                      false
[0.001] initConfigParams():  +serial-number                  "50FF6B065180485548242287"
[0.001] initConfigParams():  +apid                           0
[0.001] initConfigParams():   attach                         false
[0.001] initConfigParams():   shared                         false
[0.001] initConfigParams():   erase-all                      false
[0.001] initConfigParams():   memory-map                     ""
[0.001] initConfigParams():   ext-memory-loaders             false
[0.001] initConfigParams():  +extload                        "512W3A_STM3210E-EVAL.stldr"
[0.001] initConfigParams():  +stm32cubeprogrammer-path       "C:\ST\STM32CubeIDE_1.1.0\STM32CubeIDE\plugins\com.st.stm32cube.ide.mcu.externaltools.cubeprogrammer.win32_1.1.0.201910081157\tools\bin"
[0.001] initConfigParams():   temp-path                      ""
[0.001] initConfigParams():   preserve-temps                 false
[0.001] initConfigParams():   frequency                      -1
[0.001] initConfigParams():   licenses                       false
[0.001] initConfigParams():   ignore-rest                    false
[0.001] initConfigParams():   version                        false
[0.001] initConfigParams():   help                           false
[0.001] initConfigParams():  Configuration flags end
[0.002] init():  STMicroelectronics ST-LINK GDB server. Version 5.3.2
Copyright (c) 2019, STMicroelectronics. All rights reserved.
[0.012] Device_Initialise():  Target connection mode: Under reset
[0.022] reset_hw_wtchpt_module():  Hardware watchpoint supported by the target 
[0.030] Device_Initialise():  COM frequency = 4000 kHz
[0.030] Device_Initialise():  ST-LINK Firmware version : V2J34S7
[0.030] Device_Initialise():  Device ID: 0x410
[0.030] Device_Initialise():  PC: 0x8002108
[0.031] Device_GetStatus():  ST-LINK device status: HALT_MODE
[0.032] Device_Initialise():  ST-LINK detects target voltage = 3.26 V
[0.034] Device_Initialise():  ST-LINK device status: HALT_MODE
[0.034] initExternalMemory():  Found external memory initializer at 0x2000162d
[0.034] initExternalMemory():  Writing external memory initializer seg at 0x20000004 (0 byte)
[0.097] initExternalMemory():  Writing external memory initializer seg at 0x20002424 (0 byte)
[0.104] initExternalMemory():  MSP: 0x20002678
[0.104] initExternalMemory():  LR: 0x200024ec
[0.104] initExternalMemory():  Run external memory initializer
[0.105] Device_GetStatus():  ST-LINK device status: RUN_MODE
[0.105] initExternalMemory():  pc: 0x200024ed; ret: 0
[0.206] initExternalMemory():  Restore after external memory initializer
[0.207] initExternalMemory():  Init() failed returned 0x200024ed @ 0x200024ed
[0.209] initExternalMemory():  r0           0x200024ed
[0.209] initExternalMemory():  r1           0x200024ed
[0.209] initExternalMemory():  r2           0x200024ed
[0.209] initExternalMemory():  r3           0x200024ed
[0.209] initExternalMemory():  r4           0x200024ed
[0.210] initExternalMemory():  r5           0x200024ed
[0.210] initExternalMemory():  r6           0x200024ed
[0.210] initExternalMemory():  r7           0x200024ed
[0.210] initExternalMemory():  r8           0x200024ed
[0.210] initExternalMemory():  r9           0x200024ed
[0.210] initExternalMemory():  r10          0x200024ed
[0.210] initExternalMemory():  r11          0x200024ed
[0.210] initExternalMemory():  r12          0x200024ed
[0.210] initExternalMemory():  sp           0x200024ed
[0.210] initExternalMemory():  lr           0x200024ed
[0.210] initExternalMemory():  pc           0x200024ed
[0.210] initExternalMemory():  xpsr         0x200024ed
[0.210] initExternalMemory():  PRIMASK      0x0
[0.210] initExternalMemory():  BASEPRI      0x0
[0.210] initExternalMemory():  FAULTMASK    0x0
[0.210] initExternalMemory():  CONTROL      0x200024ed
[0.210] initExternalMemory():  MSP          0x200024ed
[0.210] initExternalMemory():  PSP          0x200024ed
[0.212] initExternalMemory():  Stack 0x200024ed <sp+0>:  0x7b1151be
[0.213] initExternalMemory():  Stack 0x200024f1 <sp+4>:  0x9244d51d
[0.214] initExternalMemory():  Stack 0x200024f5 <sp+8>:  0x8b15208b
[0.216] initExternalMemory():  Stack 0x200024f9 <sp+12>: 0x8aeafcae
[0.217] initExternalMemory():  Stack 0x200024fd <sp+16>: 0xbe0170b1
[0.218] initExternalMemory():  Stack 0x20002501 <sp+20>: 0xb62a8a35
[0.220] initExternalMemory():  Stack 0x20002505 <sp+24>: 0x545a4d04
[0.221] initExternalMemory():  Stack 0x20002509 <sp+28>: 0x78424413
[0.222] initExternalMemory():  Stack 0x2000250d <sp+32>: 0xb722fa2c
[0.224] initExternalMemory():  Stack 0x20002511 <sp+36>: 0xd3fa888a
[0.225] initExternalMemory():  Stack 0x20002515 <sp+40>: 0x54c3a096
[0.227] initExternalMemory():  Stack 0x20002519 <sp+44>: 0x1a755d67
[0.229] Device_Initialise():  Failed to initialize external memory!
[0.229] initServerContext():  
Error in initializing ST-LINK device.
Reason: [0.229] initServerContext():  Unknown. Please check power and cabling to target.