Divide the cereal evenly between two resealable bags or bowls with lids.
Make the Oreo crumbs by adding 12 Oreo cookies to a food processor and process until they turn into fine crumbs, about 30 seconds. You can also crush the cookies in a resealable bag with a rolling pin. Set aside until needed.
Melt the white chocolate in the microwave or in a heatproof bowl set over a pan of steaming water (double boiler). Once melted, pour the chocolate over the top of the cereal in one of the bags and shake the bag vigorously until all of the cereal is coated.
Then pour 1 cup of powdered sugar into the bag with the white chocolate Chex and shake again until evenly coated. Set aside.
Melt the semisweet chocolate in the microwave or using a double boiler. Once melted, pour the chocolate on top of the cereal in the other bag and shake the bag vigorously until all of the cereal is coated.
Add the remaining ½ cup powdered sugar and the Oreo crumbs to the bag with the semisweet chocolate and shake again until evenly coated.
Pour both bags of cereal into a large bowl or onto a sheet pan together.
Roughly chop 12 Oreos into big chunks and sprinkle on top of the Muddy Buddies. Mix and enjoy!