The chest is a destructible red object from which, after being destroyed drops a lot of coins. They drop about 20 coins every time. In older versions of wilds.io, the chest would have a chance to drop a Mystery Box, but it no longer drops them. The only way to obtain one is to kill a Yeti. People would sometimes fight over the chests to get money.
To destroy a chest you have to hit it 6 times with any weapons or fists. Items like bombs, grenades or knives can also hurt the chest and count as one hit.
Typically, the location of the chest is surrounded by various traps or defending creatures and often around the chest there are many players who want to get its contents.
There is currently one chest, east of the main mountain and fort, in the sandworm pit. It's guarded by the sandworm itself, passing goblins, and usually defending gold-farming players.