Yepper,
A good tool to have for this is a Pressure Gauge/Bleed Valve...
It's a GAS Disconnect, a Pressure Gauge, and a bleed valve...
You hook it up...rock the keg...read the pressure. If it's above the pressure you want for the temperature of the contents (reference a Volumes of CO2 chart)...bleed off the excess pressure...and repeat. Try to do it slowly enough that foam doesn't back up through the gas disconnect.
NOW for the problem...
It could be fermentation was going on... could have been a bottle bomb if you bottled.
I've never seen a regulator creep that much...but it's not unusual for regs to creep. It's common when you take a room temperature regulator and set it...then to put it in the fridge for the pressure to creep. But like I say, I've never seen that kind of creep.
When you set a regulator...it's important to unscrew the set screw to 0 psi...then slowly dail it up to set point. You'll hear gas humming through the regulator and hissing into the keg. When this gas movement is occuring your pressure gauge isn't really reading the set point. It's reading lower than set point. You'll have to wait for the gas to quit flowing to see what set point you've actually got. I hope that's all it was...
Set your regulator this way...and if it ever creeps up from 10psi to 70psi again...I'd be checking for high side leakage coupled with weep port blockage in the regulator.
Couple of questions...
Did your overpressure relief vavle kick in that you know of? My Cornelius vents at 65 psi...so I supposedly can't get 70 psi out of it...but your's could be a regulator with a safety valve set for 100+, or 160+ psi...
What brand regulator is this, BTW??
Does it have a check vavle? If your check vavle was working...then it would rule out the fermentation because pressure that forms inside the KEG should NOT back up into the regulator, and be readable on the gauge. So, if you have a good check vavle...you can eliminate the idea of secondary fermentation building up that much pressure.
You've got an interesting puzzle there...