The Cepheus constellation represents the King of Ethiopia in the Myth concerning the boast of his wife, Queen Cassiopeia, brought disaster to their kingdom, and forced him to chain his daughter, Andromeda, to the rocks as a sacrifice, which the monster Cetus went after, before being stopped by the hero Perseus.
Daidalos trained to be a Saint on Andromeda Island, Ethiopia by an unknown master. The cloth was likely kept in Sanctuary until a Saint worthy of wearing it was found. Daidalos was the master of Shun and June, having trained them on Andromeda Island. Although, on the second most hellish training location for Saints, he was kind enough to spare Shun during their training, and even felt pity for him when he thought Shun died. When Shun showed Daidalos his true power, the Cepheus Silver Cloth was shattered. It’s unknown whether or not his cloth was restore by the time he met his end at the hands of Pisces Aphrodite, but it is likely still damaged.
In the anime adaptation of Saint Seiya, many details about Shun’s origin were changed. Cepheus Daidalos was replaced with Cepheus Albiore, and he was given extra, chain wielding students, who picked on Shun. In fact, the Cepheus Silver Cloth was given chains in the anime, much like Shun’s own weapon. In the anime, he’s told Scorpio Milo killed his master, but is later revealed to him that Pisces Aphrodite was involved as well. Apparently, Albiore fought off Milo, since his power rivaled that of a Gold Saint, so Aphrodite had to paralyze him, while Milo delivered the killing blow.
The Cepheus Silver Cloth seems to have no living user in The Lost Canvas. The previous wearer of the Cloth comes back when Hakurei calls for those who fought with him in the previous Holy War.