GIPHY removed from Snapchat and Instagram after racist GIF appears

Snapchat and Instagram have both temporarily removed GIPHY integration from their products following the appearance of a racist GIF. A statement put out by Snapchat says: "We have removed GIPHY from our application until we can be assured that this will never happen again."
Instagram made a similar move, and it's not clear when GIPHY will rectify the issue. (Warning: a tweet containing the GIF in question is featured in the article below).
Speaking to TechCrunch, Snapchat said that GIFs were supposed to be PG-rated to make them suitable for the youngest users allowed on the platform. The GIF in question clearly fell outside that boundary. A spokesperson for Instagram said: "This type of content has no place on Instagram. We have stopped our integration with Giphy as they investigate the issue."
While the offending GIF has now been removed, a screenshot was captured by Lyauna Augmon who then shared the image on Twitter:
https://twitter.com/LyaunaAugmon/status/971461480930410496
GIPHY is yet to make a comment about the matter.