Only 2 things can cause this - either the blade assembly is loose on the shaft, or the flywheel key is sheared, allowing the flywheel to rotate relative to the crank. If this has happened, it will have the effect of advancing the ignition timing, causing the effect you describe.
You will have to REMOVE the flywheel to check - just looking at the top of the key through the slot that is visible when you remove the nut/washer will not show if it's broken. It will be TIGHT on the shaft - even if it has moved.
phil_saunders(a)bigfoot.com
Phil Saunders, October 2012