Daniel,
There could be many causes for what has happened to your bike.
Firstly, let me understand this correctly, you crashed the bike, then when u started it up again the throttle stuck on for a fairly good period of time and then somthing went pop and it shut down? Then when u went to start it again it felt like there was no compression and finally when it did start it had a funny smell...
It sounds to me to be a little more serious than just some electrical wiring touching the exhaust or something. If the spark plug lead was touching the exhaust and had melted through, then yes, the engine would not fire or it might fire intermitantly and then cut out. If a CDI wire has fried itself then yes, this could also cause an intermittant firing problem however none of these ideas explain your funny smell while running and a lack of compression.
I agree with Benox, you really need to do a compression test on the engine, maybe just take it to a mechanic and ask them to check it on the spot without doing anything else. If the compression is not right then u know that something is not quite right inside the engine.
My first thoughts when reading your post was perhaps you had lost the compression ring on the piston. If this has happened then that would explain why the engine would still run but have not a great deal of compression. If both the comp. ring and the oil ring have gone then you should be seeing some blue smoke out the exhaust when you rev the engine. Another posibility is that you scored the barel a bit which would also explain not much compression. The next thing is maybe the inlet valve has seazed up and is staying open however i think this is unlike since the engine is still running.
It isn't a nice thing to think about having to rebuild or even replace the engine however it seems to me like that could be the cause of your problems. However i haven't had anything to do with Mini motors yet as i don't have a bike yet but from previous experiences it sounds a bit serious.
Hope this helps man, good luck.
Cheers
Matty