In large microwave safe bowl, melt chocolate at HIGH 1 minute. Stir and heat 30 seconds longer at HIGH or until melted when stirred. Stir in peanut butter and peanuts. Gently stir in KELLOGG'S CRISPIX cereal, until evenly coated.
Place powdered sugar in 2-gallon zipper-type plastic bag. Add coated cereal to sugar and close bag. Gently toss cereal mixture until evenly coated. Store in airtight container in refrigerator. Microwave cooking times may vary.