I have several carbon V knives and they require less maintenance than most think a carbon tool steel knife would need.
Yes, the steel will rust if left wet long enough and can show surface rust in a short period of time. It's not that difficult to keep carbon steel knives from rusting.
I'll usually just wash the knife down in hot water, dry thoroughly, put as light coat of fp-10 or 3-1 oil on the blade, then wipe the excess off and tuck it away in the sheath.
Many will tell you not to store a carbon knife in the leather sheath and thats probably a good idea if it will sit for years on end, especially if it will stored in a moisture laden environ like Florida, Louisiana, etc.
I reside in NE, USA and have kept a Moran camp knife in carbon steel sheathed in leather for over 14 years [ I never use it ] will NO ill effects to the steel in surface rust or otherwise. The brass guard has discolored quite a bit but thats not really due to the sheath as well.
I do not store my high dollar customs in tool steels in their sheaths, yet if they were stored like that I would think it might be years [ the way they are stored in sealed plastic containers ] before they exhibited any signs of a problem.
I keep a light coat of oil on the blades and the tool steels are always "good to go" when I need them. I don't worry at all about them developing a problem.
As gud4u stated, if the sheath gets wet, make sure the knife is removed as soon as possible and not stored for any length of time that way or you will have major problems.
Most put too much credence and worry in the tool steeled blades rusting away and they only need minimal maintenance over the stainless steels.
My ka-bar in 1095 has been sheathed for 30+ years continuously, used, washed, dried, oiled and put away for years between useage with no issues of it developing even surface rust.
Brownie