This trap is hilarious if anyone ever falls for it. If people don't notice that they opened a trap chest, they shall burn!
The reddish tinge around the lock indicates that it's a trapped chest. The chest sends out a power signal when it is opened, which then powers redstone torches, which turn off sticky pistons that stabilize the floor!
In gamemode 3 (spectator mode), we can see that the sticky pistons hold the floor in place with the merciless lava lurking below. It's an almost perfect trap, but it'll catch mostly noobs.
This trap does not have to be reset at all! Just wait until you get a catch!