So I wanted to bring this topic up from the grave, because I've now run into 2 people definitely either exploiting the game or doing some kind of glitch. The first person I witnessed was teleporting long distances which could just be lag, but you would really have to convince me of that, especially when he would move great distances. The second instance was a sloop that would not sink no matter what. We killed the crew kept shooting it and even ballast balled it, but to no avail, the ship stayed afloat and simply wouldn't sink.
So I'm not going to jump the gun and say this was hacking, possibly these are examples of exploits and glitches and I'm ultimately curious if anyone else has encountered suspicious behavior or weird instances such as these.
