Preheat the oven to 325 degrees F (165 degrees C). Line the bottom and sides of a 7x3-iinch springform pan with parchment paper.

Combine crushed graham crackers, butter, and 2 teaspoons white sugar in a bowl. Pat crust mixture into the bottom of the prepared pan.

Bake in the preheated oven until golden brown, about 10 minutes. Let cool completely.

Blend cream cheese with a hand mixer in a bowl until completely smooth. Add 1/2 cup sugar and vanilla extract; blend until just incorporated. Pour in eggs, 1 at a time, mixing until just combined. Add sour cream and malted milk powder; mix for 30 seconds to combine. Stir in smashed malted milk candy using a rubber spatula. Pour batter into the prepared pan.

Pour 1 cup of water into the bottom of a multi-functional pressure cooker (such as Instant Pot®). Add the trivet with the handles of the trivet folded towards the bottom. Lower the cheesecake-filled springform pan carefully into the cooker. Lock the lid into place.

Choose the Manual setting. Select high pressure according to manufacturer's instructions; set timer for 35 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer's instructions for 15 minutes. Unlock and remove the lid, being careful not to let any of the condensation from the lid fall onto the cheesecake. Dab surface gently with a paper towel if so, to absorb any moisture. Cheesecake should jiggle slightly when shaken. Leave cheesecake inside of the pressure cooker, uncovered, for 1 hour.

Transfer cheesecake to the refrigerator. Chill for at least 2 hours, preferably overnight, before serving.