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Titan sub: crew have died after catastrophic loss of pressure chamber, US Coast Guard confirms
(www.theguardian.com)
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Definitely not. For one, the banging was heard a couple days ago, when there would still have been hope of rescue. Two, if 375 atmospheres of pressure hasn't broken it, you're not going to break it with whatever random stuff you can find. And three, although we don't know that the implosion happened at loss of signal, it's more likely than them losing signal and then imploding at some later point.
Edit: Should also add that if the sonar buoys that the search team dropped were able to hear them banging on the hull, they would almost certainly have also heard the implosion. Given that it imploded, it's much more likely that it happened before the buoys were deployed.