Providing a DiscInfo report (File>Save) can help with identifying the drive. Post that and then we could determine for sure if it's an Artec or not.
If it is an Artec, you should be able to back up the firmware with MtkFlash (since I don't know of any publicly available copies of 5.50 in case you want to revert). The latest version for this particular Artec model (if it is Artec) is 5.70. Artec's official flasher is MtkFlash, believe it or not. That's how pathetic Artec is. Artec drives are pretty bad, so it's likely that it's just a defective drive. If it worked at one point and then stops working, then it's not firmware-solvable.