How Does The Regeneration Of Loot From Loot Chests Work?

I heard that the longer a loot chest remains untouched, the more and the better loot appears, that seems to be true based on my observations, but is the "untouched time" based on the server or the player, and if it's based on the player then does time offline count? Say a loot chest spawns and I wait for three hours, another player then loots the chest causing me to wait for it to respawn, it reappears after ten minutes and I immediately open it. What loot will I find? Three hours and ten minutes untouched loot, or one second untouched loot? I know this is a weird and complicated question, but an answer would be much appreciated. Thanks!

 

Untouched time is based on the time since the chest has last been opened, by anyone. In your scenario, you'd get either ten minutes or one second (we wouldn't have a way to distinguish those as far as I know).

 

new server chests also have bad loot, so this isnt limited to last opened iirc

 

I think its from time when the chest spawned