Snapped trace-chain
Rusted through at the last link. Whatever was at the other end stayed in the water.
Vendor trash. Nothing in the game wants it: no recipe, no enchant, nothing to wear. Stacks in one inventory slot. Vendors pay 16 coins for it.
What drops it
Bogged drayman
1 in 5
Rolled on its own rather than from the loot table, so it takes nothing away from anything else that falls off it.
What it trades for
No trades in the last 30 days.