Preheat the oven to 200 degrees F (90 degrees C) and line a small baking sheet with parchment paper.
Spread the malted milk powder onto the baking sheet into an even layer. Bake for about 30-40 minutes, stirring every 10 minutes, until evenly golden. To save time, toast enough malted milk powder for both the cake and the frosting.
Once the malted milk powder has been toasted, turn the oven up to 350 degrees F (180 degrees C). Line a 9" square pan with parchment paper.
Soak cake strips in ice cold water.*
In a medium bowl, sift the toasted malted milk powder. Add the flour, sugar, cocoa powders, baking powder, and salt, and mix to combine. Set aside.
In a large bowl, whisk together the milk, oil, eggs, and vanilla.
Add the dry ingredients to the wet, and whisk until just combined.
Lastly, whisk in the hot coffee until fully combined.
Pour the batter into the prepared square pan. Wrap the cake strips around the pan and bake for about 35-40 minutes or until a toothpick inserted comes out clean.
Allow cake to cool completely in the pan.