It's no counterspell, and thinking about it, most variations on this work on spells that have gone to the graveyard. But since not all do, this.

Wording: "Search target spell's owner's hand and library for any number of cards with the same name as that spell. Put those cards into that player's graveyard. Then that player shuffles his or her library."

Hmm, the frame on this is an interesting choice. It's either a mono-blue card or a blue-black gold card... so blue-black hybrid is a reasonable guess, I suppose. I didn't actually consider this circumstance, but I chose the algorithm to end up here if you'd given this the cost , which is the kind of cost some people like, and I guess the reasoning applies in this case too.