Budd wants you to use the Booby-Trapped Bait at the Rusty Harpoon Gun in the Skeletal Reef.
So, seein' as ya been so kind to me, I'm inclined to let you in on a special secret.
I've found the biggest shiney of all, no more than 50 steps from where we're standin'!
Only one thing stands between you, me, and great fortune - and his name is Gnaws.
Don't fret now - I've got a plan.
Gnaws loves his grubs, so I've loaded one up with that gunpowder so as to make like a trap of sorts, ya see?
Just set it floatin' up in the reef. Once the shark is dead, we're rich!