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Is moisture killing my speakers?

I just moved into a new place and the basement is really really damp. There is a dehumidifier going 24/7 but it still smells like mold down there. Well I've been keeping my Mesa PH210 down there, and after a couple of weeks I started hearing a really low level distortion from the speakers when playing at low volumes. I brought the cab upstairs and a week later no distortion. Then after a couple more weeks in the basement the distortion returns.

Obviously i figured out i shouldn't store the cab downstairs, but does anyone know what mechanism may be causing this distortion?
 
My old acoustic was in a damp basement for quite awhile it worked okay,but one day i was playing in another basement much dryer when all of a sudden my sound got very thin sounding so i took the bolt's out of the side of my old 361 cabinet to reveal a dryrotted cerwin vega 18 it was really funny because it was still working fine except the paper was gone around the outside,i had the 18 reconed but had a show before i could get it back so i picked up a 4 ohm black widow and slapped it in there it sounded pretty good but not as good as the vega,moral to the story keep your powder dry and your cabinet too!