This childhood favorite, also known as reindeer food or muddy buddies, gets the grown-up treatment and big chocolate flavor with the addition of hazelnut spread and cocoa powder.
Place cereal in a large bowl. Combine hazelnut spread, butter, and chocolate in a heatproof bowl. Set over a saucepan containing 2 inches of simmering water and stir frequently until butter and chocolate have melted and mixture is smooth and combined. Pour over cereal; gently stir until evenly coated. Toss in confectioners' sugar and cocoa to evenly coat. Serve, or store in an airtight container at room temperature up to 1 week.