In large microwave-safe bowl, melt chocolate on HIGH for 1 minute. Stir and heat an additional 30 seconds on HIGH or until melted. Stir in peanut butter and peanuts. Gently stir KELLOG’S CRISPIX® cereal into chocolate-peanut butter mixture, until well coated.
Place powdered sugar in 2-gallon storage bag. Added coated cereal to sugar and close bag. Gently toss cereal mixture until well coated. Store in airtight container in refrigerator.