Shuker would love to nail down the flying poodle's precise species name: "Is it indeed a member of Arctiidae, or are its taxonomic affinities elsewhere? Could it even be a species still undescribed by science? Thousands of new insects are discovered every year in the South American rain forests, so it would be by no means unusual if Art's Venezuelan poodle moth proved to be one, too," he wrote on the ShukerNature blog.
and from this article I get this:
The fantastical insect was spotted by Dr. Arthur Anker, a zoologist from Bishkek, Kyrgyzstan, who snapped the photo on a trip to Venezuela that winter. Though he has since inquired with other zoologists hoping to identify the creature, no one has yet been able to even name its genus.
and from here:
Scientist, it seems are just as puzzled by this mysterious insect which has yet to be identified. Many suspect that it belongs to the lepidopteran family Arctiidae and is closely related to the Muslin Moth. The Muslin Moth resembles the Venezuelan 'Poodle Moth', but differs in that the Muslin moth is less furry and is not known to inhabit the area, says Dr Karl Shuker.