@hawk, as said some pics from a non drop forged Kymco LIKE 125 crank. As far I can see there is, as mentioned, a conn. rod holds/keeps it together. From marks it has been machined after completing, so I assume its heatshrunk together. No welding marks to be seen.
The likelyhood to turn is given, but IMO not very high.This motor was a complete piston/ cylinder wreck, and those bearings are still in good order, so I would exclude a bearing fault on your ride.
Btw, this 4-slot special nut on the generator side is LEFT HAND threaded.
@scooterfan, you might be on a good track too.
Forgot to mention in my carburator issue that, when I replaced my vacuum lines with silicone hoses, I had an intermitting surging.
It came out, those silicone vacuum hoses were after a while not airtight anymore. Became a pudding-like consistency. Got a patch which softened in contact with oil and fuel.
Changed them to simple black rubber fuel lines, new clamps on it and vacuum was established again.