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Magnetic drain bolt won't tighten?

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Hey guys, I have a 2004 ktm 125 sx and recently changed the transmission oil. I went to the track yesterday and as we were leaving I noticed right under the drain bolt there was some oil leaking out. I went to tighten it again and it was no luck. I've never worked with a magnetic bolt before. Any help would be great. Thanks in advance

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Did it just keep spinning? If that's the case its stripped out and you need to repair the threads or replace the case. What does "wont tighten" mean?

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Yes it is most definitely stripped out, you can have a shop helicoil it if you aren't comfortable doing it yourself.

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I'll add this, although it will not help your current situation...

Never, ever install/tighten that bolt without the copper crush washer. It will bugger the threads, never to be the same again. BTDT :(

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I have seen some of these drain bolts that are not fully threaded.  You may need two washers to keep the threads from bottoming out before the washers seal.  I've been dealing with this on my 250.  Its been leaking even with two washers on it and I am currently working on another fix.

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