Mybook live constantly rebooting

I have used my Mybook Live for 2 year now without major issues. However, since a few days, I was unable to see it on my network from W10 PC.
I found out that the drive is constantly restarting i.e. I hear the revs go up on HDD, then it holds for 1 or 2 seconds and then it slows down again. And therafter goes back up etc. Every cycle start-up to slowdown is about 8 seconds, so it constantly powers up and down. The light is red in front throughout all this.
I tried the re-set button several times, but no change.

When I disconnect the drive from power and plug back in, the light in front does turn blue for like 20 sec, but straight thereafter the rebooting as described kicks in again.

I see no obvious solutions in the manual.

Has anyone seen this ? Any hints on what to do ? Thanks

Check manual so you will know what the different colors for the LED mean.

But if Red is the final solution, if under warranty, RMA it.
If out of warranty or wanting to recover files (voids warranty) :

Read it careful!