Quotes in replacement value no longer work for new entries

This module seems to be delimiting quotation marks so that they don't do what they should (for example in anchor tags). This just started happening on an installation that has been stable for months.

I use this module primarily to replace a word with a hyperlinked word.
Hyperlinks are no longer working on new entries because backslashes are being inserted in front of the quotes.

Previous entries work, I've been doing this for months.

For example, a tag like $XXX$ should be replaced by XXX

Instead the quote (") is being replaced by backslash-quote (\"), so that the link is completely destroyed.

For example, the replacement should look like this:

<a href="http://drupal.com">XXX</a>

but is being transformed to this:

<a href=\"http://drupal.com\">XXX</a>

I have tried editing the database directly to make it look like previously entered tags that work. Result: the tag comes up blank.

This looks like a bug since I'm using this the way I always did. Even copied a replacement that works into a test tag - it gets transformed into a non-working replacement.

What gives?