To reproduce:
1. Open my attached project (FlakesOnlyNotRelocated.zip)

Expected: project is loaded
Actual: project crashes with FloodProcessImage due to .png file in the project

Reproduced in: 2017.4.11f1, 2018.1.9f2, 2018.2.9f1, 2018.3.0b3, 2019.1.0a2

Note1: deleting Library or reimporting Assets does not resolve the issue, however if .png file is moved to different location, crash no longer occurs
Note2: if issue doesn not reproduces, try reimporting all Assets
Note3: full stack trace:

0x0000000140FD8715 (Unity) FloodProcessImage
0x0000000140FD119C (Unity) AlphaDilateImage
0x0000000141000A3D (Unity) PreprocessImportedImageAndTextureSettings
0x0000000141000B11 (Unity) ProcessImportedImage
0x0000000140FFD1E3 (Unity) TextureGenerator::GenerateTexture
0x0000000140FFB73C (Unity) TextureImporter::GenerateAssetData
0x0000000141EC0281 (Unity) AssetDatabaseV1::ImportAsset
0x0000000141ED19E8 (Unity) AssetDatabaseV1::UpdateAsset
0x0000000141EC5D58 (Unity) AssetInterface::ProcessAssetsImplementation
0x0000000141ECFCB4 (Unity) AssetInterface::StopAssetEditing
0x0000000141ECB1B0 (Unity) AssetInterface::RefreshInternal
0x0000000141EC80BC (Unity) AssetInterface::Refresh
0x0000000141E82CE3 (Unity) AssetDatabase::Refresh
0x0000000141312FF9 (Unity) Application::InitializeProject
0x0000000141478DEB (Unity) WinMain
0x00000001424443FA (Unity) __scrt_common_main_seh
0x00007FFD35B63034 (KERNEL32) BaseThreadInitThunk
0x00007FFD37E71461 (ntdll) RtlUserThreadStart