In addition to disabling the flag Compress PNG Files in the build settings of the target goal of the project. I also turn off another flag, namely Remove Texture Metadata from PNG File . This resolved the problem. Error libpng: CgBI: raw critical fragment that occurs in Xcode 7.3.
In Xcode 7.3, the Remove Texture Metadata from PNG File flag is turned on by default, so even if you have a project running in earlier versions of Xcode that contained this flag as disabled, you also need to disable it again to overcome this problem.
Refer to the screenshot below, indicating the necessary flags that need to be disabled in the build settings of the landing page of the project in order to solve the problem above in Xcode 7.3.

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