"This image was taken from a split second frame in a corrupted bootleg of the Spongebob episode called 'Dumped.'
Other than the image, the rest of the video is comprised of incomprehensible jumbles of colors, static, or just black screens. The audio seems to be a heavily distorted version of the audio from the original episode, with loud, droning buzzes occasionally interrupting it.
The bootleg tape itself was found by a group of 5 urban exploring teenagers in a trash can within an abandoned mental institution.
Of these 5 individuals, 2 have committed suicide, 1 has gone missing, 1 refuses to comment on the tape, and the last hastily agreed to give paranormal investigators the tape shortly after being interviewed about the suicide and disappearances of the other 3 people. The current whereabouts of the tape are unknown, and many who stare at this image for a long enough period of time claim to see Spongebob blink...
The teenager that has gone missing was found dead in a dust bin a year later after the discovery of the tape.