Hey there, i've had this same problem as well. What i found was that the Hard Drive was bad. However, my problem was that i could'nt get it to read a certain partition. Try flashing the chip with X2 5035 BIOS. THis works very well. Also, when you boot up the box, check the IP and then FTP into the box and see what happens. When i did this, everything popped up and worked just fine.
