FLM transfer event vs balance change

[hal0x2328]

In the updateBalance function of the FLM contract, the amount is added to the receiver account in storage, but the transfer event reports the transfer destination address to be the "Pika" account. Why does it work this way? It causes negative balances in some block explorers which is why I was curious.

Also, what does the term "Pika" mean? I get that it's an admin account but where did the term originate? I've never seen it used in this context before.