diff --git a/CHANGELOG.md b/CHANGELOG.md
index e3b380847e..f10db1cccd 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -47,6 +47,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Improvements
 
+* (deps) [tharsis#621](https://github.com/tharsis/ethermint/pull/621) Bump IBC-go to [`v1.2.1`](https://github.com/cosmos/ibc-go/releases/tag/v1.2.1)
 * (evm) [tharsis#613](https://github.com/tharsis/ethermint/pull/613) Refactor `traceTx`
 * (deps) [tharsis#610](https://github.com/tharsis/ethermint/pull/610) Bump Cosmos SDK to [v0.44.1](https://github.com/cosmos/cosmos-sdk/releases/tag/v0.44.1).
 
diff --git a/go.mod b/go.mod
index a0a516b42a..4a1feb977a 100644
--- a/go.mod
+++ b/go.mod
@@ -7,7 +7,7 @@ require (
 	github.com/btcsuite/btcutil v1.0.3-0.20201208143702-a53e38424cce
 	github.com/cosmos/cosmos-sdk v0.44.1
 	github.com/cosmos/go-bip39 v1.0.0
-	github.com/cosmos/ibc-go v1.2.0
+	github.com/cosmos/ibc-go v1.2.1
 	github.com/ethereum/go-ethereum v1.10.3
 	github.com/gogo/protobuf v1.3.3
 	github.com/golang/protobuf v1.5.2
diff --git a/go.sum b/go.sum
index 309baa2f46..2e1bc1f754 100644
--- a/go.sum
+++ b/go.sum
@@ -267,6 +267,8 @@ github.com/cosmos/iavl v0.17.1 h1:b/Cl8h1PRMvsu24+TYNlKchIu7W6tmxIBGe6E9u2Ybw=
 github.com/cosmos/iavl v0.17.1/go.mod h1:7aisPZK8yCpQdy3PMvKeO+bhq1NwDjUwjzxwwROUxFk=
 github.com/cosmos/ibc-go v1.2.0 h1:0RgxmKzCzIH9SwDp4ckL5VrzlO1KJ5hO0AsOAzOiWE4=
 github.com/cosmos/ibc-go v1.2.0/go.mod h1:wGjeNd+T4kpGrt0OC8DTiE/qXLrlmTPNpdoYsBZUjKI=
+github.com/cosmos/ibc-go v1.2.1 h1:eWi8EzcgSwVipvhyQ7Rh1KfBe66C1ZdDSskeKMtIg0Q=
+github.com/cosmos/ibc-go v1.2.1/go.mod h1:YieSs25Y0TSFR67qg6Elge34yJNEOjYhYB+HNQQLoSQ=
 github.com/cosmos/keyring v1.1.7-0.20210622111912-ef00f8ac3d76 h1:DdzS1m6o/pCqeZ8VOAit/gyATedRgjvkVI+UCrLpyuU=
 github.com/cosmos/keyring v1.1.7-0.20210622111912-ef00f8ac3d76/go.mod h1:0mkLWIoZuQ7uBoospo5Q9zIpqq6rYCPJDSUdeCJvPM8=
 github.com/cosmos/ledger-cosmos-go v0.11.1 h1:9JIYsGnXP613pb2vPjFeMMjBI5lEDsEaF6oYorTy6J4=