I dunno (not about the selling for ££) but whoever created the item/code whatever - it's the players themselves who've put in the hours, weeks months camping mobs, training skills to tradeskill, finding items etc.
While at the minute the games policies state otherwise, reading up on some of these kinds of cases some countries are looking more into the ownership laws & who really can claim owns the items.
Its really interesting stuff... If funcom came along & said hmm alien armour is too uber, we're deleting it from the db, its ours so we can, I'd be devestated. I spent time & effort to get demon that stuff, and it's certainly not easy to make
Cost a lot in time & favours for the right QLs...