Wow! Really disappointing that this post hasn't been answered for over 4 years! Doesn't fill me with hope, I just encountered the same problem running VIRB Edit 5.4.3 so I'm completely stuck and it seems my expensive VIRB 360 is now only good for landfill.
I don't have a answer.
I am using multi-cam editing on clips created from two VIRB Elites.
I can run both clips through VIRB Edit without issue by themselves.
When I attempt to use Multi-Cam Edit I get the "This video contains a corrupted clip and cannot be played or exported. Please trim away the corrupt portion of the clip or remove it completely."
As I said both clips can be processed through VIRB Edit successfully by themselves, but not with Multi-Cam Editing.
I have successfully used VIRB Edit with Multi-Cam editing from both cameras many, many times in the past.
Found the ERROR of MY ways.
I had deleted a number of files in the VIRB subfolder in the VIDEOS folder.
I will postulate the VIRB Edit was 'losing itself' with the remnants of all those files that it couldn't find. Once I cleaned the remnants out of VIRB Edit I could then access the files in Multi-Cam form without the 'corruption' error being displayed and could generate a exportable file.