LAUGH.. Where does it say this?
https://www.facebook.com/whitehat/
I think instagram should be asking themselves: Would they rather have an honest researcher report this or North Korean hackers not saying anything and just slurping data? Security Researchers are always going to see things they shouldn't. That's just a fundamental rule. You have to know who your real enemies are and not come down on someone just because they got a little enthusiastic.
Wes [edit] is one of the good guys - he went overboard, sure, but he should be rewarded, he should be asked not to go crazy next time, and the rules should be updated.
Personally, I think by saying the exploit was trivial shows that the CSO should be fired. If he has to make a phone call, it's not trivial.