In a large microwave safe bowl, melt chocolate chips on high for 1 minute. Stir and heat an additional 30 seconds on high until all are melted. Stir in peanut butter and peanuts. Gently stir Crispix cereal into chocolate-peanut butter mixture until well coated.
Place powdered sugar in a 2 gallon storage bag. Add coated cereal and close bag. Gently toss cereal until well coated. Store in an airtight container in the refrigerator. Enjoy!!
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