Bose Soundtouch 10 - Light just switch on. No sound, no bluetooth... nothing.

My device shows all the lights with white colour on when I connect it to the power. After a minute or so, I hear a faint crack sound from the speaker. I tried the reset but nothing happens. I tried updating the software but it looks as if the device is just hanging.
Any advice or is this device ready for the rubbish bin.