Perhaps space travel is as simple as updating an attribute of 'matter'. Such as using SetX,SetY,SetZ in a computer graphics system, though perhaps something far more exotic then those simple dimensions. With perhaps 11 dimensions to set just right, and complex relationships between them, perhaps only the finest quantum computers could get your coordinates right. Since you would not be accelerated, you would relocate the next time the universe 'refreshed'. Note that every particle moved, perhaps down to the quark level would require it's own specific coordinate, perhaps dramatically different from the other.
Time travel may also be possible that way, but presumably changing those coordinates would be even more complex, and so require computers even more advanced then those needed for simple relocation.
The actual changing of a particle's coordinates may require something as simple as a precisely timed or shaped pulse of an exotic species of EMF, but the selection of the correct value would be the rub. Go to Comment
The item, had it worked as intended, would have relied on what I call the Curse of magic Naivety. It depends on either the subject having little to no caution with regards to magical gift items, or that the demonic nature of the item be suppressed with undetectibility. So many items seem to depend on someone in power going - "Cool, magic item! Yoink!" and then later "Auugh!"
As for the enchantment having been reversed, I could see it, but it speaks to rampant incompetence among these infernal conspirators that it was deployed in its defective status.
Unless of course, there was intentional sabotage of the Demons plans.