Everyone is saying they dont, but I have run both and not been able to open the chest either time.
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And if you're going to be farming for keys, GO TO SKYWATCH!!! It's the fastest way to get keys as soon as you learn the routes to respawn the chest you have a chance to get at least two chest and up to five or six on a perfect run. I got 3 keys in just over an hour!
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Yes the large chest needs a key. Good luck getting one from the hours of farming boring ass chest though.
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The large chest always requires a Treasure Key, no matter the level.