Dice octopus finely, pat lightly with back of knife until flat, add in rest of ingredients(except cornstarch) and stir vigourously until a paste forms. Stir until paste is elastic, and place in refridgerator for a while.
Meanwhile, prepare the sauce by simply combining all the ingredients.
Take octopus paste out, divide in equal portions and shape into balls. Coat with a thin layer of cornstarch and dip in beaten egg. Deep fry in hot oil until golden brown, drain well and serve along with dipping sauce.