3 possibilities.
1. Installer error.
2. Aio failure, either pump or liquid levels.
3. Software error.
1. It's been running successfully for a year, so hookup is probably right, pump is tight to cpu, and unless the pc has been moved recently or tilted in some way, there shouldn't be air bubble trapped in the pump.
2. Pumps can fail, liquid can evaporate. You've owned it for a year, but that's not the age of the aio. It's possible if the fluid level was low to start with, you've now run it hot for a year and the fluid has evaporated sufficiently that little is actually running through the pump.
3. Corsair Link has had its fair share of glitches, everything from miss read temps, to wierd voltages. It's entity possible there's nothing wrong at all other than a windows update messed with the USB family drivers and the software is reporting the wrong temp, so now it thinks it's overheating and runs the fans full blast to compensate.
Remove the software and reinstall a fresh copy latest version. Make sure any and all motherboard drivers are newest version, that includes the USB Sata, audio, Lan etc. They are found on the motherboard website. Don't rely on windows drivers or other driver downloader/updater. Verify cpu temps independently of CL. Use coretemp or realtemp.
Eliminate every possibility first. If nothing changes, only then is it probably a aio error/failure and RMA.