I have exactly the same problem.
What seems to be happening is that the OS refuses to even start up so it crashes and reboots.
Another thing that is odd is that I never tried anything hacky, not because I didn't want to but I only just got the thing a few days ago.
A red light came on so I did a firmware update and the thing froze in the middle of it, I waited 10 hours and unplugged it, now it does this.
I have been looking into this for awhile and can't really find anything to fix, I may later attempt the Debricking Guide.
I can't seem to remove the HDD however, and the only linux box I have readily avaliable is somewhat busy, may attempt to give a VirtualBox access to a separate HDD.
More related to the topic, I saw this discussed on the official WD boards, and the user expericing this issue was given very general instructions (reboot, reset to factory settings) and they ended up having to get it replaced.
Would very much appreciate another solution, one that doesn't void the warranty perhaps, but I suppose I'm probably already past that.
Thanks in advance,