We produce the first concrete evidence that violation of the weak cosmic censorship conjecture can occur in asymptotically flat spaces of five dimensions by numerically evolving perturbed black rings. For certain thin rings, we identify a new, elastic-type instability dominating the evolution, causing the system to settle to a spherical black hole. However, for sufficiently thin rings the Gregory-Laflamme mode is dominant, and the instability unfolds similarly to that of black strings, where the horizon develops a structure of bulges connected by necks which become ever thinner over time.