It's a balancer item. It exclusively affects the leading player.

What's wrong with it is it's arbitrary (you can't really help it), it punishes good behavior (winning) but especially: it's too powerful!

Its balancing effect could be spread over a couple of other items. Certain items could receive a penalty if you're leading. The odds of picking just the right item up could be affected.

What's great about OP items like this is the amount of spectacular saves it creates. An expert player is already married to the game anyway, why care? It's only him that suffers. The rest has a very memorable stolen victory.