The people doing the burying being frightened off: not hardly. If they had time to throw the last few shovels of earth in, they had time to grab the block and tackle and throw it in the woods. Besides, nearly every theory regarding what's down there implies that the "treasure" had been buried for some time before McGinnis found it. McGinnis also reportedly saw lights at the island the night before; had something been buried 200 feet down within sight of his house during his life, I'm quite sure that someone would have noticed - a hole like that is not constructed over night. I think it's safe to assume that if something was buried there, it happened before the McGinnis family was in the area, meaning that they weren't the ones that left the block and tackle behind, as it would've rotted into garbage within a few years.
People recovering treasure? No. He saw lights the night before; that's what got him over there to check it out. It does not take all night to set up a block and tackle. It takes more than one night to excavate a 200 foot hole, retrieve something from the bottom, and then fill the hole in again. (And why fill it in again? This is retrieving a treasure from the wilderness, not coinshooting in the city park. Screw filling holes, especially one that deep. And where did they put all that dirt while the hole was open? Red flag after red flag.)
Was it flooded by booby traps? Were there even drains to begin with?
Appendix --Woods Hole Explores Oak Island Questionable evidence to be sure, but tales told 150 years ago by folks with a vested interest in the project are also questionable. We can't know for sure what Woods Hole found, but it would be in Triton's best interests to make a favorable report public; a thumbs-up from a third party would undoubtedly attract investment. An unfavorable report, on the other hand...yeah, I wouldn't want to make that public knowledge either.
But, let's assume that all of this silliness is true. We've located the original shaft. There are tunnels flooding it. This is not one of the many sinkholes in the area, but is actually man-made. Someone buried something 200 feet deep there. The block and tackle was left by someone else, or McGinnis fabricated it - in fact, let's disregard McGinnis entirely, and the story basically falls apart at him. Let's assume the best possible scenario for the folks who think that something is actually buried down there. My questions are:
1. Why the layers of logs, charcoal, etc? If the hole is being dug by someone who is supposed to be able to digging it, they need maybe one small indicator to let them know that they're on the right spot. They don't need a reminder every ten feet. This is extra work for no benefit and might actually alert someone who isn't supposed to be digging it (*cough* McGinnis *cough*) that they're digging on a good site.
2. Why bury a stone with runes carved in it? Again, an authorized digger knows that he's digging the right site. Someone who can't read the runes will simply become more interested in what might be further down, or nearby.
3. Why is it that a stone with runes carved in it comes up every time a shaft is sunk? (That's actually an easy one.) Am I supposed to believe that someone traversed the Atlantic to dig this massive engineering project, and then spend more time burying carved stones and logs all over the place?
The closer that one studies this, the worse that it stinks. And the McGinnis story stunk pretty badly to start with.
Like FinderKeeper, I'll watch the show. (I did watch the first one.) I like treasure legends just as much as the next person does. I'll go one further and state that I truly hope that someone finds something down there that turns history on its head and shakes up the world, or at least our corner of it. I also hope that we can achieve world peace at some point. I don't expect either thing to happen in my lifetime, but this doesn't prevent me from hoping for the things I want, and if I can't have the things that I want, I'll settle for understanding why I can't have them.