Either reason seems plausable. The only way to know for sure is to have a compitent bow mechanic take a look at it. I would under no circumstances attempt to draw or worse yet draw fire the bow until this is complete. There are others out here who have had a bow come apart at full draw and that will take years to get over.

You also want to have your shop check your string carefully, especially around the cam. a small nick or snag in the string could cause some really unfortunate things to happen if it lets go later on.

Just a couple of other small tid bits of advice.......

1) Never....never....never.....draw your bow back with your fingers or release without an arrow nocked and pointed in a safe direction. This is how dry fires happen all the time. People simply "forget" that there is not an arrow nocked and trigger their release, or when drawing with fingers let the string simply get away from them (normally when letting down). I see at least 2 of these a year at the shop I work at.

2) If you do need to draw your bow without an arrow, use something like the "Third Hand Can't fire release handle"

This will ensure that you don't let go of the string when drawing or letting down, it also gives a more natural draw cycle than trying it with your fingers and may have prevented your string from coming off the cam track.