Looks like a film advance timing issue to me. It looks like the film either starts to move before the shutter closes or is still moving when it opens. The shutter would have to be spinning or you'd get one giant smear down the whole strip of film... not to mention massive over exposure.
Well, to repeat what's been said, if the shutter timing is out you get a smear from the point source either up (if the film is being exposed as it is transported into frame) or down (if the film is being exposed as it is transported out of frame). The image is upside down if that helps to visualise things. I can't picture a timing issue that causes both ends of the transport phase to be exposed. It could be something odd like the shutter spinning way too fast I suppose, which might be possible with cameras that have a separate motor to drive the shutter.
If the shutter isn't spinning at all, the film is still being positioned and held steady for about half the cycle, but will smear both up and down as it gets transported in and out of frame. Total exposure will only be one stop over (double the time), assuming a 180 degree shutter.