01 - Break the fully cooled red velvet cake into fine, uniform crumbs using your hands or a food processor, transferring them to a large mixing bowl.
02 - In a separate bowl, beat the softened cream cheese, powdered sugar, and vanilla extract together with an electric mixer or whisk until completely smooth and lump-free.
03 - Add the cheesecake mixture to the cake crumbs and fold together thoroughly until a soft, pliable dough forms that holds its shape when squeezed.
04 - Scoop out approximately 1 tablespoon of dough at a time and roll firmly between your palms to form smooth, even balls. Arrange on a parchment-lined baking tray.
05 - Refrigerate the shaped balls for at least 1 hour until firm and chilled through, which will make dipping easier.
06 - Melt the white chocolate in a microwave-safe bowl in 30-second intervals, stirring between each, or gently over a double boiler until completely smooth. Stir in red food coloring if a tinted coating is desired.
07 - Dip each chilled ball into the melted chocolate, gently shaking off the excess, then return it to the parchment-lined tray.
08 - While the coating is still wet, sprinkle with red velvet crumbs or decorative sprinkles as desired.
09 - Allow the chocolate coating to harden completely at room temperature or in the refrigerator before serving.