Was playing SOT last night and was at a skeleton fort for a while and got to the boss when a galleon showed up and sank my ship. I was able to focus on the boss, kill him, and run off with the key but had no other option than to try swimming to the nearest island. About 3/4 of the way, a shark attacked me and I ran out of bananas and died. I tried going back to look for it but couldn't find the key. Maybe an hour and a half later, someone from the galleon shot themselves on to my boat and asked if we saw a sloop in the area because they also can't find the key and then shot himself back to the galleon after I said I didn't know what he was talking about.
So my question is... what happened to the key? I assume it sank and I tried diving for it but I think there is no bottom to the ocean as my pirate almost looked like he stopped swimming after a while. Does it ever respawn back at the fort? The galleon was at that fort for another hour or two at least looking for it. Or does it just disappear and no one gets the loot?