It is most likely the regulator. Many regulators that come with the kegerator's today sadly are not the best quality.
The diaphragm does poorly for home brewers that need to change the pressures. Inside the regulator is round rubber diaphragm and a seating mechanism normally with a pin style actuator. With the Co2 OFF. Open the regulator by unscrewing the Cone bonnet, careful removing the diaphragm and spring.( make note on how the were installed)
With the Co2 WELL-secured turn on the Co2 valve. Nothing should be coming out of cavity.
With the handle end of screw driver press on the pin to make the Co2 pop out a bit do this 3-4 times. The seat below the pin should close tightly each time. If you get some leakage this well may be your problem. I've even seen some regulators that are inside the cooler, have the spring rust and seas up.
Good Brewing
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