Lost progress

Yesterday I was hosting a multiplayer server with a friend via Steam.
Today I opened the game to find my player and world progress be restored to an earlier stage.

I have checked my C:\Users\%USERNAME%\Documents\My Games\Terraria\tModLoader folder to find existing backups of both player/world that seem to have little more progress, but still not on part to what I had when closing the game.

Any reason as to why this happened? Could it be a steam cloud issue?
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