Step 1: Measure the cereal into a very large mixing bowl and set aside, ensuring there is enough room to stir freely.
Step 2: In a microwave-safe bowl, combine the chocolate chips, creamy peanut butter, and butter. Microwave on high for 30 seconds, stir, and repeat in 15-second intervals until the mixture is completely smooth.
Step 3: Remove the chocolate mixture from the microwave and stir in the vanilla extract and salt until well combined.
Step 4: Pour the warm chocolate mixture over the cereal and use a large spatula to gently fold the cereal until every piece is evenly coated.
Step 5: Transfer the coated cereal into a large gallon-sized plastic bag or a clean paper bag, then add the powdered sugar.
Step 6: Seal the bag and shake vigorously until all the cereal pieces are thoroughly coated in sugar. Spread onto wax paper to cool and set before serving.