In a medium size glass bowl, combine the chocolate chips with the heavy cream. Microwave on HIGH for 1 minute, then whisk. Microwave for 30 seconds on HIGH, then whisk. Repeat if necessary until smooth. Whisk in extracts.
Cover the bowl with plastic wrap and let stand at room temperature for 30 minutes. Transfer to the refrigerator and allow to chill for 4-6 hours or until the mixture is firm.
Line a baking sheet with parchment paper or silicone baking mats. Remove the chocolate from the fridge. Working quickly, use a small cookie scoop (2 teaspoons in size) to scoop and roll into smooth, round balls.
Add a toothpick into the center of each ball. Chill for 1 hour.
In a glass mason jar or a microwave-safe drinking glass, melt half of melting wafers. Microwave on HIGH for 1 minute, then 30 second increments until smooth. Let cool for 5 minutes, stirring every minute or so.
Using the toothpick, dip the truffle into the chocolate, swirling until completely coated. Shake any excess chocolate back into the glass. Return to the lined baking sheet. Repeat until finished using remaining 8 oz. of chocolate.
Drizzle tops with remaining melted chocolate, then sprinkle on crushed candy canes (or sprinkles) if desired.
Return to the refrigerator and chill for 30 minutes before serving. Store in an airtight container for up to 2 weeks.