Unfortunately, this does happen with the wetsides for the MP series from time to time, there was a thread that addressed this specific issue (link below). Also do you know if it's been cleaned with vinegar prior? I've been reading that it happens more often when folks use white vinegar to clean with, it breaks down the plastics and magnets allowing for this type of issue to happen over time. It's just one potential culprit. I've made the switch to citric acid now because of this.... I will say I've had one of my MP10s for 5 years now with no issue (and it's been cleaned with vinegar).
My MP40 wet side has cracked and the magnets completely rusted... it is several years old and worked flawslessly, but still shouldn't fail like this. I have had a few ICP results showing high metals and couldn't see anything obvious, I changed cabinet hinges etc and eventually after a few months...
www.reef2reef.com
If you want to know more about the vinegar effect there is a thread going for it.
I have posted bits and piece of my vinegar story over the past three years, and I thought it would be beneficial if one post contained all that I've learn. You'll be surprised! This story will contain three parts; my history with vinegar, the cause and simplified chemistry what's happening...
www.reef2reef.com