What is the deal with this OP weapon (110k damage with +54 billion experience) a player dropped in my game?

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I left my game open after giving up trying to play with my mate using Australian internet. While I was inactive, a player joined my game and dropped this weapon:
Professional Russian's Fast Sword
- 109, 973.9 Dmg
- +540 Damage (Rubies)
- +8, 921 - 11, 050 Damage
- +107% Attack Speed
- Monster kills grant + 53, 674, 999, 808 experience
- 10.35 Attacks Per Second
- Level 1
I've been all to familiar with the hacked loot common in Diablo 2 when I played on computer, but I'm playing this game on Xbox One over Xbox LIVE with mates. Still, I went from level 66 to paragon level 919 from just completing the Belial boss fight. Am I right to be suspicious, or does this sort of loot appear in the very high ends of the game?
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This Weapon Does 100 Billion Damage-Weapon Fighting Simulator
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Andrea Piacquadio, Eren Li, Eren Li, Eren Li