Waiting till the pbulbs show wrinkling is underwatering. The pbulbs should be plump. Even old back bulbs will stay wrinkle free with proper watering. Up the watering. And, other than the wrinkles, I don't see anything unusual with you plant. Whatever you are seeing doesn't appear to be mold.
I agree with this. I don't see any mold either is it possibly just some discolouration on that older, wrinkled pbulb?
What you can do is let is soak for a few hours. Pot and medium will retain some water then. Observe if the pseudobulbs become plump again.
If so, next keep up with watering the plant regularly.
Soak pot and medium, not the entire plant. Keep the plant dry.
__________________ Nicole
~ Adopt the pace of nature; her secret is patience ~ (R.W. Emerson)