So I was totally geared, went to a stash in a lake to store some unnecessary loot, went out of the lake, stood about 10 meters from the coast I logged out.
Logged back in about an hour later and my character was completely naked. Previously I had (I think) every possible part of clothing and now they are all gone.
From all the gear I had there's just my gun left, also without ANY attachments on it.
Basically without anything but a gun (without attachments), rolled back into the lake.
Also worth noting that the gun I had was the one I was holding in my hands, not on my back.