same problem here. started today
I had the same problem and I couldnāt fix it for hours and then when I switched from wi-fi conection to mobile data it worked
{āmessageā: āPlease wait a few minutes before you try again.ā, āstatusā: āfailā}
For anyone still having this problem.
Instagram most likely identifies your ip address as a spam and wonāt let you log in.
Use your 4G wireless internet to log in or just download any free vpn from google store and enjoy your account back.
Have a great day!
lulz