Transistors degrade over time, as do the wires that connect them.
Increasing the operating temps, operating voltage, clockspeed (think rpm's on an engine block), will hasten the rate of degradation and decrease the chip's lifetime.
This is part of the reason why a stock-clock CPU seems so conservative in the clocks...the manufacturer has to ensure the clockspeed is sustainable for years and years, not just for 3 months.
We OC'ers come along and jack up our CPU's, basically burning the proverbial
candle at both ends, its twice as bright but burns out much quicker.
Your chip has more than likely suffered irreversible degredation and simply cannot stably sustain the 5.3GHz clockspeed you had it jacked up to. This is the downside, the peril, of overclocking.