Could take a while. Try a 40 second reset or try accessing the My Cloud Dashboard > Settings > Utilities and do a System Only Reset if it doesn’t settle down after 10 or 15 minutes.
Ok i retry the entire procedure and now it work flawless.
Thanks for your precious help 
I followed the steps carefully, rebooted the device and managed to access the safe mode. Now, I’ve downloaded the firmware and selected it to be updated and the update screen is showing a spinning wheel without any percentage of completion. My question is, how long it takes to have have the firmware update done?
I will leave it overnight and see how things will go.
Any info would greatly assist especially that others had the same concern and could not find a response to them.
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Thank you very very much smallballl 
Amazing, this procedures still Works after all these years 
in safe mode I used Firmware Release 2.42.115 (as I read, this firmware must be installed before updating to My Cloud OS 5 firmware).
after successfully login to dashboard, continuing to upgrade OS5 using latest firmware Release 5.26.202.
…and happened again, after reboot, Blue LED flashing forever… 
okay, will fallback to OS3 again…
