In a large bowl, melt to gether the chocolate chips, cookie butter, and butter in 30 second increments stirring until completely smooth.
Once fully melted, stir in the vanilla extract.
Pour the cereal in cup by cup carefully, so you don't break the cereal.
Once the cereal is fully coated with the chocolate, pour it into a large sandwich bag or storage container and add the powdered sugar over the mixture.
Seal the bag/container and shake until the mixture is evenly coated with the sugar.
I recommend storing this in the freezer to help it set, but it is also delicious enjoyed right away!