[Ethereum] run geth light mode looking for peers forever

You cannot do a init again if you have already done a init on datadir. In order to achive what you want you need to first create simply create account .... once account is created use that for pre-funding, by putting it in the genesis file, now go for the init of datadir.

so steps are
1) Creation of account in datadir

geth --datadir <path_of_data_directory> account new ( I have used command line method for account creation, which does not require invocation of geth console)

2) use the account created as pre-funded account, add entry in genesis file.

3) Init of the datadirectory with the genesis file.

geth --datadir <path_of_data_directory> init <path_of_genesis_file>

I have used bare minimum parameters, it should also work fine with the parameter you are using. Main point to note you cannot re-initialize your data directory once it is initialized.

The problem was in the truffle.js file.

module.exports = {
  networks: {
    rinkeby: {
      network_id: 4,
      host: '127.0.0.1',
      port: 8545,
      gas: 4000000,
      from: <your account address>
    },
  },
  rpc: {
    // Use the default host and port when not using rinkeby
    host: 'localhost',
    port: 8080,
  },
};

Just needed to add a from: <account address> into rinkeby's config information.