Hi Shai-
Thanks for the information. We saw a problem that sounds nearly identical to this a few months ago, which the build of Blackhole on our website should have fixed. That being said, that issue only appeared on 32-bit versions of Cubase. You're sure this happens on the 64-bit version of Cubase as well?
Can you make sure you have the latest version of iLok License Manager installed? http://www.ilok.com
I would also try reinstalling Blackhole. You could also try installing the vcredist_x86.exe and vcredist_x64.exe from here: https://www.microsoft.com/en-us/download/details.aspx?id=40784
-Tom
