Line 3 baking sheets with parchment paper. Add peanut butter and melted butter to a very large bowl. Whisk until combined.
Stir in crushed cereal. Mix until combined. Stir in three cups of powdered sugar. Mix until combined. Add another two cups of powdered sugar, mix until combined. Add in remaining sugar. Stir to combine. If the mixture is still very sticky, add 1/2 cup powdered sugar at a time untul you can easily form the mixture into a ball.
Roll into 1-inch balls. Place on parchment-lined pans. Place in the fridge or freezer to chill for 15 minutes. (If it's winter, I just put them outside.)
While the peanut butter balls chill, make the chocolate coating. Add chocolate and parrafin wax to a large microwave-safe bowl. Microwave in 30-second increments, stirring in between each untilt the chocolate and wax are both completely melted. Do not over heat.
Working in batches, drop each peanut butter ball in the chocolate and use a fork to let any excess chocolate drip off. Put back on the parchment-lined baking sheets. If the chocolate starts to set up before all the peanut butter balls are coated, place back in the microwave in 15-30 second increments until it's melted again.
Use the leftover chocoalte to drizzle over the finished peanut butter balls. Let them set up for two hours and then transfer to an airtight containter. If you need to have several layers, seperate with parchment paper. Store in the fridge.