Pulse coconut in a food processor or blender until it is the consistency of bread crumbs then transfer to a bowl.

Add 1/2 cup condensed milk, 5 Tbsp coconut oil, and 1 tsp vanilla. Stir until well combined then fold in 1/2 cup M&M's just until incorporated.

Use a small cookie scoop to evenly portion balls and place onto a parchment-lined baking sheet. Roll balls between your hands to smooth the surface of the balls then refrigerate for 15 minutes.

In a small microwave-safe bowl, combine 1 cup semisweet chocolate chips and 1 Tbsp coconut oil, heating in 15-second increments and stirring each time until chocolate melts (usually 45-60 seconds total in the microwave).

Dip each ball in melted chocolate, allowing excess chocolate to drip back into the bowl. Transfer coconut balls to the parchment-lined baking sheet and refrigerate until firm.

Melt 1/2 cup white chocolate chips (30-45 seconds total in the microwave), transfer to a ziploc bag, snip off a corner and drizzle each coconut ball with melted white chocolate and top with M&M's right away before white chocolate sets.