Microwave the chocolate chips, peanut butter, and vegan butter all together in one bowl (microwave for 30 sec increments until it is completely combined and smooth). Stir in the vanilla extract.
Put the cereal in a separate bowl.
Pour the chocolate-peanut butter mixture over the cereal and mix.
Separate the cereal into two separate gallon re-sealable bags.
Start with ⅓ cup of powdered sugar in each bag and shake (if not white yet, keep adding sugar until desired appearance).