Mix the powdered sugar and cocoa powder in a medium bowl and set aside.
Melt the chocolate chips and peanut butter together in a double boiler over low heat, stirring until glossy and smooth. You can also use a microwave-safe bowl: heat for 60 seconds, stir, then continue in 30-second increments until melted.
Add 3 cups of Corn Pops to a large bowl and pour over half of the chocolate mixture.
Add the remaining cereal and pour the remaining chocolate mixture over it. Stir carefully until the cereal is evenly coated.
If chocolate pools in the bottom, add more Corn Pops 1/3 cup at a time until the excess disappears.
Transfer to a large bag or container, add the cocoa-sugar mixture, seal, and shake until coated.
Spread on a lined baking sheet to cool, then serve or store airtight.