Both! According the Brown-Driver-Brigs Hebrew Lexicon,
- שָׁחַת , shachath (the verb) means, "go to ruin, spoil, pervert corrupt"
- שַׁחַת , shachath (the noun) means, "pit"
While in English these two appear unrelated, both the verb and noun, especially the noun are usually associated with she'ol and thus, digging a pit for a dead body is equivalent to decaying the body and thus associated with corruption.
In the specific case of the noun, it occurs 23 times in the OT and all are associated with the grave/she'ol, eg, Job 9:31, 17:14, 33:18, 22, 24, 28, 30, Ps 7:15, 9:15, 30:9, 35:7, etc. In a few cases it clearly means "corruption/decay" such as, Ps 16:10, 49:9.
The Jewish translators of the Septuagint translated thus:
Ps 16:10 (=Ps 15:10 in LXX) ὅτι οὐκ ἐγκαταλείψεις τὴν ψυχήν μου εἰς
ᾅδην, οὐδὲ δώσεις τὸν ὅσιόν σου ἰδεῖν διαφθοράν = because thou wilt
not leave my soul in hell, neither wilt thou suffer thine Holy One to
see corruption
Ps 49:9 (=Ps 48:10 in LXX) καὶ ζήσεται εἰς τέλος· οὐκ ὄψεται
καταφθοράν = and live to the end, [so] that he should not see
corruption
Thus, the Jewish translators of the LXX provided a confirmation of the verb meaning in the noun which the English versions have taken as a precedent.