What is this bizarre insect?
This is a Creatonotos gangis

This nice arctiine moth was described by Linnaeus in 1763.
The species  lives in South East Asia and parts of Australia.

C. gangis went viral earlier this year because of a post in The independent where they wrote about a facebook video on the species... I don't know if this is the same video that was popular at facebook, but take a look:

https://www.youtube.com/watch?v=hn1ms8qfqzM

Furthermore, I can tell you that those weird tentacles are in fact scent organs which secrete pheromones in order to attract sexual mates. And also, their larvae cause huge problems because they eat pomegranade leaves