I am a guide on Veeshan, occassionally in the CSHOME Arena my GM Admin will summon me and kill me with it for fun.
It couldn't be held by anyone other then a Guide/GM. Once the player puts it on, they will die. I believe it also sets a flag on your account which then you'll be investigated.
This was because back in the day, you could /petition OMGWTF COME TO ARENA. Then the guide/gm would come to arena, your group could kill them, loot the items, and run. :P
So my only guess to it having be linked, is the ignore thing; if that ever worked (I never heard about that), or a guide/gm unrightfully giving out the links to their items in public chat.
-- One way I found out, was if you editted the number through memory editting (winhack/etc), then you link it, when you click on the item it'll show up the ID of it. I did this on EQEMu so I don't know if it works through EQlive. If you do this, make sure your away from people or grouped with a friend, say the link, then click on the icon to get the right named link. It will be suspicious if you have an item named: Rusty Axe, with a link of a Soul Devourer.