Sounds like the plastic that holds the bolt is stripped. This can happen a bunch of different ways.
I had a similar issue and removed the caps on my loop720 s to fix the issue. If your more careful than I you can get the caps off with some heat and a small screw driver. (I learned the hard way Yomega likes to glue there caps in…) then you can remove the hardware add some glue to the plastic to make it ridged again and gently screw everything back together once dry. It was a pain but made 1 very playable yoyo and two alright yo-yos.
I posted about the “fix” below.