Get a new one ASAP!
I had a piece of flexwatt go nuts a few months back that was on a ranco tstat. The tstat was set on 93 and was always 90-92 and well my thermometer was reading way way way to hot. Well up and over 100. Let me tell you I about died! It had melted the duct tape and the plastic on the probe. Also the tub's plastic was very hot and soft. THANK GOD I didn't have a snake in there at that time but had just moved every one in to my rack unit with new flexwatt & a Helix tstat, a day or two before.
It CAN happen. I no longer use that ranco and that piece of flexwatt is LONG gone.