Its creator, Oshemar invented and used this device to destroy an enemy (Sextus Hive). While this device did end a many millennia long war, it sadly destroyed both sides. Oshemar escaped in a dimensional rift (of his own devising), only to perish after explaining the history of the device to a group of Asguardians (including Thor).
Knowing its power, Thor wanted it destroyed. Odin thought otherwise feeling that a God could handle its power. It ended up in the vaults under the old Imperial Palace.
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