How to Make It
Place chocolate chips, peanut butter, and butter in a large microwavable bowl. Microwave on HIGH until smooth and melted, about 3 minutes, stirring every 30 seconds. Stir in vanilla.
Pour cereal into a large bowl. Pour warm chocolate mixture over cereal, and toss gently until coated.
Whisk together powdered sugar and cocoa in a medium bowl. Sprinkle powdered sugar mixture over cereal, and gently toss to coat.