The creator of the flashing icons is the compiler plugin; all the icons appears inside
void CompilerGCC::DoRegisterCompilers()
with one icon for every call to
CompilerFactory::RegisterCompiler(new Compiler....);
The RegisterCompiler method only inserts the new compiler in a list, so the problem must be inside the Compiler constructor.
EDIT: the icon appears while executing void Compiler::LoadDefaultOptions(const wxString& name, int recursion)