Did the upgrade correctly from version 03.4.01-230 into 03.05.00-327 but /dev/md1 stays on version 03.4.01-230!

What specific My Cloud model do you have? Do you have a first generation or second generation My Cloud? What are you trying to do? Were you unbricking the My Cloud?

The single bay My Cloud (subject of this subforum) did not have a firmware 03.05.00-327. Do you mean firmware 04.05.00-327?

WD made a change to the firmware structure somewhere around firmware Version 04.01.00-408 (10/27/2014). It’s possible if one jumped over that to the very latest firmware that the My Cloud drive structure/format may not be correct which might cause problems. One might have to go from the 3.x firmware to the firmware Version 04.01.00-408 firmware first then possibly flash the 04.04.00-303 (9/10/2015) firmware which was the first of the WD OS 3 firmware, then flash the latest V4.x firmware.