This is not just my personal need of assistance, three-four other players are dealing with the same issue. I also bring a warning to those of you who have not already seen the discord.
DO NOT APPROACH SPAWN
If you successfully load the game, stay as far from spawn as you can for the time being. There is a crab causing lag, and until that issue is successfully resolved going to spawn will result in your being unable to load the game due to overload. You will not be able to play at all, So leave your chests, ditch your pets. If you're exploring KEEP EXPLORING! This is not a drill, this crab is armed, dangerous, and will hopefully soon be stopped.
<slightly dramatized but none the less true>
I REPEAT: DO NOT GO NEAR SPAWN!
I will post again once this issue is resolved.
Also, if anyone who knows the full name of the crab would let me know in the comments, that would be fantastic as I'm guessing to /kill it we need the name and ID of it. Thanks!
Issue has been resolved. Crabpocolypse is now over.