I tried uploading the same file to beta and it's spinning for a long time before failing with a 504.
Trying to run a cwebp command on thumbor2001 I'm getting an instantaneous error:
gilles@thumbor2001:~$ cwebp 113px-Constitution_of_India.jpg -metadata all -q 50 -quiet -o - Unsupported color conversion request Error! Could not process file 113px-Constitution_of_India.jpg Error! Cannot read input picture file '113px-Constitution_of_India.jpg'
I don't see, however, what might be causing the hanging.