The existing code was already released under the existing licenses. Unless there's an explicit expiration date in the license, there's no form of revocation available.
A future version of the module may be released under a more restrictive license (or not at all), but that wouldn't stop you from using the old license, or even derivative works.
And yes, this has happened in the "real world". Consider the http://xfree86.org decision to change the licensing terms of the distribution, making it "less free". This has resulted in a forked distribution being maintained by a group of others now.
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