Beat together cream cheese, powdered sugar, and vanilla extract until smooth and creamy. Fold in whipped topping gently until fluffy and light.

Scoop out the mixture using a tablespoon and roll it into 1-inch balls. Place them on a baking sheet and freeze for at least 1 hour to firm up.

Set up three bowls in a line: one with all-purpose flour, another with beaten eggs, and the last with crushed cornflakes or panko breadcrumbs.

Take each frozen ball, roll it in the flour, dip it into the beaten eggs, and finally coat it with the cornflakes or panko, ensuring an even layer.

Heat oil in a deep skillet to 350°F (175°C). Carefully fry the coated balls for 1-2 minutes on each side or until golden brown and crispy.

Use a slotted spoon to drain the bombs on paper towels. Once cooled slightly, drizzle with melted white chocolate and top with cotton candy before serving.