Preheat oven to 400 degrees
Cut the king crab legs into shorter segments using a pair of scissors. Cut the crab leg segments lengthwise to expose the crab meat. Alternatively, you can also cut the top part of the shell to expose the crab meat.
Arrange the king crab legs in a baking tray and bake for 20 minutes. In the meantime, make the Sriracha Lemon Butter by whipping the softened butter with a whisk. Add the Sriracha, lemon juice and sugar, whisk to combine well. Set aside.
As soon as the crab is out of the oven, spoon the butter over the crab meat. Dust with more smoked paprika and garnish with chopped parsley and/or chives. Serve immediately.