Here is an example of the image typically appearing in such posts:
Essentially the exact same text has been circulating on Facebook for years but with the word "Facebook" instead of "Instagram". That text is also a hoax as we wrote only a few days ago:
Fake News: Posting A Facebook Status With Legal Gibberish DOES NOT Modify Your Agreement With Facebook In Any Way | Lead Stories
As we pointed out in that article too, It is very questionable legal theory that you can change the terms of an agreement by unilaterally posting something on a website. If you believe that such things are possible, please read the text below and send me $100!
Lead Stories is a Colorado-based LLC or entity. By reading this website you agree to pay the sum of $100 to the author of this article. Copyright violations are punishable by law. Do not modify this notice and keep it away from open flames. This legal disclaimer contains traces of satire and/or sarcasm.