Nope. This is terminal. Throw it out. It's also annoyingly, infuriatingly common amongst cheap cloth-covered cable releases. This applies to Chinese, Japanese and German-made items. The pricy Linhof releases are the best of the bunch. Pentax and Nikon releases are also sturdily made. Steer well clear of thin, petite releases, or the stiff affairs sold by a German manufacturer that have been widely reported to seize unexpectedly. The cloth ones are terrible banes, but some really good double-skinned, sealed examples do exist particularly antique types, from the day "when they were built to last". Buy one decent one, keep a couple of more as spares accessible wherever you go. Also, I don't recommend buying a second hand cable release from e.g. eBay unless you have your wits about you and can form a balanced, reliable judgement of how well it will serve you. You really do not know what those "little used, good condition" releases have been through.