The BitMex blog out here doing the yeoman's work:
We look again at the OP_Return policy limit issue and the related topic of storing images in the blockchain. The argument is not going away, with up to 17% of nodes running Bitcoin Knots, a client which supports the idea of filtering the images. We discuss “information theory” and explain how images can be included in fake Bitcoin addresses and why it’s unfeasible to prevent this. We go on to explain that private keys are also just random data, which can also be used to store images. We create an example transaction, with an even more “unstoppable image” inside the private keys, deliberately vulnerable private keys, such that they can be calculated from the data available on the blockchain.
Keys are spam.