Eggplante! obtained the badge from Molyneux in order to auction it for Child's Play. Molyneux even graciously signed it and included a hand-written note: "It's not on rails."
It's also not on a lanyard: in the auction description, the assertion is that he wasn't wearing one, because as a Microsoft employee he didn't want to advertise Zelda: Skyward Sword. However, if you want your very own E3 2011 lanyard on which to hang this, eBay's got you there too.