I am having the same issue. Pics that used to load prior to the latest update now just show the loading wheel. My page is http://www.hilltopmontessori.com/meet-faculty/ and if you visit, you’ll need to scroll down and click on one of the categories to expand it.
When I go into Connections > Manage to view the individual entries, all is well. I see the photos. I even re-saved some of the entries, but that did not help. When I use Inspect Element in Chrome to look at the code details of the spinning loading wheel, I see the correct link for the photos.