I thought it was some hardware problem and since the player was under warranty, I decided to go to
Since I didn’t know my old firmware version, I decided to install first V3.1 and then V3.4. Downloaded them from Transcend website. http://www.transcendusa.com/Support/DLCenter/Driver/610V31.exe
The installation guide was good and installation went fine; however firmware v3.1 update failed with some message. I tried upgrade to v3.4 firmware and it succeeded with ease.
Now my player is got its life back and working perfectly. If your player also has boot problem try firmware update.