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Sinead McNamara was said to have been "in high spirits" ahead of being discovered unconscious in a tangle of ropes on the boat.
The 20-year-old had been working as a crew member on the £108million Mayan Queen IV for the past four months before her death.
Last night it was revealed the Australian had been out dancing and boozing with friends just hours before she died, Mail Online reports.
The model had visited Baroque bar in Argostoli, Kefalonia, with pals where she knocked back at least two vodka cocktails, called Dragon's Breath and Mango Mangave.
Sinead and five co-crew members apparently left the bar at 7.30pm but returned at 1am, when she was spotted dancing on a chair.
The bar's owner said the Aussie model seemed to be in "high spirits" as she danced and drank at his establishment.
Makais Chaliodis told the MailOnline: “She had come to the bar with five of her friends about 5.30pm on Wednesday.
“She sat on one of the stools by the bar with two male friends and had two cocktails and a club sandwich.
“They all seemed to be in high spirits and were happy. They were having a good time.”
Just 24 hour's later she was spotted unconscious and dangling in a tangle of ropes at the back of the boat during her last shift aboard.
A local coroner confirmed to Daily Mail that the cause of the Instagram star's death was hanging, but said results from additional tests could take months to come back.
No suicide note has been found on board the superyacht.
Her body, which a coroner has advised her family against viewing, is due to be flown back to Australia today.
Investigators are looking into whether the breakdown of a relationship may have led to Ms McNamara taking her own life, The Times reported.
The tragedy came as her mum Kylie and sister Lauren were making their way to Greece to join Ms McNamara for a holiday.
They were reportedly told the news while in transit.
The captain of the boat, who asked not to be named, said he saw Ms McNamara's body at around 1.45am on Friday morning.
He shouted to her but when he received no response, began screaming for help, news.com.au reports.
Doctors and police spent around 30 minutes trying to save Ms McNamara, from Port Macquarie in northern New South Wales.
After falling into a coma, the decision was made to airlift her to hospital but she died on the way.
Her death came on what was reported to be her last day as a crew member on the yacht.
The coroner has advised Ms McNamara's family against viewing her body.
The young model had been looking forward to the family trip, posting an upbeat message on social media just days before her death.
“Happy birthday to the most amazing big sister I could ever ask for, 5 days till I get to see you!!! Excitement is an understatement”, she wrote.
That post was in stark contrast to an earlier, cryptic message that appeared on Ms McNamara’s Instagram page.
In a cryptic message a fortnight ago she wrote: "My head is all over the shop today,” along with emojis of a volcano, a tornado and a needle with blood dripping from it.
Sharing an image of herself on a quad bike, she added: “Take me back to this where my only worry was not cracking my skull open.”
However, just weeks ago Sinead left an optimistic social media post saying “it’s going to be a good year” .
The Mayan Queen IV is owned by Mexican billionaire businessman Alberto Bailleres, who News.com.au reports is worth around £7.4 billion.
Mr Bailleres, who has earned his wealth in the mining trade, reportedly left the yacht anchored off the island of Kefalonia on Tuesday.
The 92-metre-long boat cannot leave the Kefalonia port until police have finished their investigation.
Australia's Department of Foreign Affairs and Trade (DFAT) said it has offered support to the McNamara family.
"DFAT is providing consular assistance to the family of an Australian who died in Greece," a spokeswoman said.
But the model's devastated brother Jake McNamara expressed his sadness on social media.
"I have unfortunately received the worst news of my life, (Sinead) has passed away," he posted on Saturday.
Family and friends revealed Ms McNamara, who has more than 14,000 Instagram admirers, was "jet skiing around the most beautiful turquoise water in the Med" just days before her death.
"It was only a few days ago you were messaging me forcing me to come camping with you. You're such a gorgeous girl lost way to soon," a friend wrote.
Another added: "Our souls were so perfectly aligned we were convinced we were the same person. I can't explain how much I'm going to miss you or how broken I am."
It is believed Ms McNamara moved from Port Macquarie to Sydney around five years ago.
Fellow Aussie and Instagram star Alex Hayes posted: “Life is so precious gone was too soon. Such a beautiful human being. Will cherish all our memories. Rest in Peace you beautiful soul”.
A version of this story first appeared on News.com.au and is republished here with permission.
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