Do water-based lubricants go bad?

My lubricant of choice for the past 5+ years has been shibari. It has been one of the best lubricants I have ever used. I found an old bottle in my closet that was yellow instead of clear and looked more like liquid, and had an odor…smelled like rancid cooking oil. I immediately decided not to use it and threw it away, but is that going to happen? Or was there a problem with that batch of lubricant? If that makes a difference, it was open and half the bottle was used when I found it in the back of the closet.

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