That was quite a common problem in products from the 1980's, particularly in VCRs. Hitachi, NEC, JVC, several others loved the stuff. It seems to be a reaction between the glue, and flux residue, accelerated by heat. I occasionally see it in newer products as companies repeat mistakes of the past. I think it's some kind of contact adhesive.
You'll need to remove all of the glue since it's corrosive, and conductive.