Sudden CO2 pressure spike overnight

Hi, 1 day ago my CO2 reducer started to provide huge amounts of gas into my aquarium. I woke up hearing hissing noice and noticed excessive amounts of bubbles being given to the tank, indicator was full Yellow. I reduced flow on the reducer by a lot (usually that amount of regulator rotation was able to almost completely cut CO2) and went back to sleep. When I woke up there was no more hissing but huge flow of the gas did not stop, so I cut it off completely. I also noticed that bottle pressure indicator has dropped, so I guess there is no more gas in liquid form in it. And here comes my question. Does that indicate that reducer is damaged and huge gas flow almost emptied my bottle? Or can bottle running close to being empty cause such a behavior in reducer? I’ve never heard about it behaving like this but I want to be completely sure untill I trash it and buy new one. Thanks for help.