The target creature will still be on the battlefield when you gain life, even if its toughness has been reduced to 0 or less. Any abilities it has that interact with gaining life do so as appropriate. If any abilities trigger on you gaining life, the creature will be put into its ownerâ€™s graveyard after that ability triggers but before it resolves.
If the target creature is an illegal target by the time Moment of Craving tries to resolve, the spell doesnâ€™t resolve. You wonâ€™t gain 2 life.
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