The pulley casting wore through from the belt, it happens. Haven’t seen it on my lathes but I did on the drive for my shaper — the belt that pulls in the drive to the motor all of a sudden lost one of the cheeks after a bit of rumbling noise. This was a slipping belt kind of like a clutch, and the belt just wore its way through the casting. Not peculiar to Atlas products, many injection cast pulleys are one of the Zamak alloys.