Prepare and bake the red velvet cake according to package instructions. Let it cool completely.

Once cooled, crumble the cake into a large bowl using your hands or a fork until finely crumbled.

Add cream cheese frosting and mix until the texture is like soft dough. You should be able to press it into a ball easily.

Scoop and roll the mixture into 1-inch balls. Place on a parchment-lined tray and freeze for 20–30 minutes to firm up.

Melt white chocolate or candy melts in the microwave, stirring every 20–30 seconds until smooth. Dip each truffle into the melted coating, then place on the tray to set.

Melt red candy melts and drizzle over the top using a piping bag or spoon. Add heart sprinkles while the coating is still wet.

Let set completely in the fridge (about 20 minutes), then store in an airtight container in the refrigerator for up to 5 days.