Let the ice cream soften at room temperature for about 20–30 minutes, just until easy to scoop.
Line a baking sheet that will fit in the freezer with parchment paper.
Place the corn flakes in a large resealable bag and crush them into fine crumbs with a rolling pin. You can also pulse them in a food processor.
In a medium bowl, combine the crushed corn flakes and cinnamon.
Melt the butter in a large skillet over medium heat.
Add the corn flake mixture and cook for 2–3 minutes, stirring frequently, until golden and fragrant. Watch closely to prevent burning.
Transfer the cereal mixture to a large bowl and let it cool completely.
Scoop the softened ice cream into 8 portions. Quickly shape each portion into a ball with your hands and place on the prepared baking sheet.
Roll each ice cream ball in the cooled cereal mixture, gently pressing the coating onto the ice cream.
Return the coated ice cream balls to the baking sheet and freeze until firm.
Serve topped with whipped topping, hot fudge, and a maraschino cherry, if desired.
Notes
Make sure the corn flake coating is completely cool before adding it to the ice cream.Work quickly when shaping and coating the ice cream to prevent it from melting.For a different flavor, substitute another crisp cereal, such as Cinnamon Toast Crunch, for the corn flakes. Keep the coated ice cream balls frozen until ready to serve.