Place chicken in a resealable plastic bag set in a shallow dish. Pour 1/2 cup sriracha sauce over chicken. Seal bag; turn to coat chicken. Marinate in refrigerator 1 to 24 hours, turning bag occasionally.
Drain chicken, discarding marinade. In another plastic bag combine corn flakes, flour, salt, and pepper. Add chicken, a few pieces at a time, shaking to coat.
In a 12-inch heavy skillet heat 1/2 inch oil over medium-high to 350°F. Reduce heat to medium. Add chicken; cook 12 to 15 minutes or until browned, turning occasionally. Drain on paper towels. If chicken is not done (at least 175°F), place on a foil-lined baking sheet and bake in a preheated 350°F oven 8 to 10 minutes.
Meanwhile, for dipping sauce, in a small bowl combine remaining ingredients. If desired, cover chicken and sauce separately and chill up to 24 hours.