It's a small, half moon shaped sliver of metal between the left (sitting on the quad) tapered end of the crankshaft and the flywheel. The key actually only aligns the crankshaft and the flywheel while the taper actually holds the flywheel from spinning.
Take pictures of carnage... even though noone wants to see carnage on their quad, everyone loves to oogle at someone else's carnage.
If one of the thrust washers (the small bronze washer on the crankpin beside the big end of the connecting rod) is gone, the crank must be pulled out of the engine and replaced. Trying to run it like that will result in catastrophic failure because the thrust washer is what keeps the piston aligned inside the cylinder bore. The side forces on the piston without a thrust washer will tear the piston apart.
There are a hanful of tools needed to pull a blaster completely apart. Go to
ATV Parts, ATV Tires, Dirt Bike Parts & Motocross Gear | Rocky Mountain ATV/MC
on the left side of the page is the search bar. Type in "crank puller" and the first listing is the Tusk crank puller/installer tool. Click on that. When that page loads there will be the tusk crank puller/installer tool AND on the right side of the page are the "other items of interest"; the case splitter, clutch holding tool, and a generic flywheel puller tool (you'll have to select the one for a blaster obviously). You will need all 4 items to disassemble and reassemble the bottom end of a blaster engine.
All together they will run about $150 but a dealership will charge you $85 labor/hour and it will take more than 2 hours for them to rebuild a blaster engine. Plus, when you are done with this engine those same tools can be used to disassemble a whole host of dirtbike, motorcycle, and ATV engines.