This hasn't been asked but I thought it should be brought out. The Versus Mode states the rules stay the same except for a few listed changes. None of these changes mention the hangman token. That's because it is still in play in Versus and the game can end early if the train arrives at a loot less town three times as per the standard rules. So there is a degree of players working together, but sabotaging is also a valid strategy if you want to end the game early if you are currently winning.
I encourage everyone to try the Versus Mode. It's a lot of fun and there are some very unique experiences from the Cooperative mode.