UPDATE:
Apparently this bug has to do with overclocking the graphics card. I was reading on the forums for other people having the same problem and one person said that changing his OC profile fixed this for him. I had a custom OC profile too and when I changed to a standard OC profile, not my own, the blinking red lights was gone! I was using Asus Gpu Tweak II.
I'm just not going to use the OC program anymore.