diff --git a/.changelog/unreleased/dependencies/3305-bump-ibc.md b/.changelog/unreleased/dependencies/3305-bump-ibc.md
deleted file mode 100644
index 8cb82f09d8..0000000000
--- a/.changelog/unreleased/dependencies/3305-bump-ibc.md
+++ /dev/null
@@ -1,3 +0,0 @@
-- Bump [ibc-go](https://github.com/cosmos/ibc-go) to
-    [v8.5.0](https://github.com/cosmos/ibc-go/releases/tag/v8.5.0)
-    ([\#3305](https://github.com/cosmos/gaia/pull/3305))
\ No newline at end of file
diff --git a/.changelog/unreleased/dependencies/3338-bump-ibc.md b/.changelog/unreleased/dependencies/3338-bump-ibc.md
new file mode 100644
index 0000000000..69d370fc24
--- /dev/null
+++ b/.changelog/unreleased/dependencies/3338-bump-ibc.md
@@ -0,0 +1,3 @@
+- Bump [ibc-go](https://github.com/cosmos/ibc-go) to
+    [v8.5.1](https://github.com/cosmos/ibc-go/releases/tag/v8.5.1)
+    ([\#3338](https://github.com/cosmos/gaia/pull/3338))
\ No newline at end of file
diff --git a/go.mod b/go.mod
index 8921610578..16bcb2f55f 100644
--- a/go.mod
+++ b/go.mod
@@ -27,7 +27,7 @@ require (
 	github.com/cosmos/ibc-apps/middleware/packet-forward-middleware/v8 v8.0.2
 	github.com/cosmos/ibc-apps/modules/rate-limiting/v8 v8.0.0
 	github.com/cosmos/ibc-go/modules/capability v1.0.1
-	github.com/cosmos/ibc-go/v8 v8.5.0
+	github.com/cosmos/ibc-go/v8 v8.5.1
 	github.com/cosmos/interchain-security/v6 v6.0.0-rc0
 	github.com/google/gofuzz v1.2.0
 	github.com/gorilla/mux v1.8.1
diff --git a/go.sum b/go.sum
index 1355f4c963..38184ecbb7 100644
--- a/go.sum
+++ b/go.sum
@@ -439,8 +439,8 @@ github.com/cosmos/ibc-go/modules/apps/callbacks v0.2.1-0.20231113120333-342c00b0
 github.com/cosmos/ibc-go/modules/apps/callbacks v0.2.1-0.20231113120333-342c00b0f8bd/go.mod h1:JWfpWVKJKiKtd53/KbRoKfxWl8FsT2GPcNezTOk0o5Q=
 github.com/cosmos/ibc-go/modules/capability v1.0.1 h1:ibwhrpJ3SftEEZRxCRkH0fQZ9svjthrX2+oXdZvzgGI=
 github.com/cosmos/ibc-go/modules/capability v1.0.1/go.mod h1:rquyOV262nGJplkumH+/LeYs04P3eV8oB7ZM4Ygqk4E=
-github.com/cosmos/ibc-go/v8 v8.5.0 h1:OjaSXz480JT8ZuMrASxGgS7XzloZ2NuuJPwZB/fKDgE=
-github.com/cosmos/ibc-go/v8 v8.5.0/go.mod h1:P5hkAvq0Qbg0h18uLxDVA9q1kOJ0l36htMsskiNwXbo=
+github.com/cosmos/ibc-go/v8 v8.5.1 h1:3JleEMKBjRKa3FeTKt4fjg22za/qygLBo7mDkoYTNBs=
+github.com/cosmos/ibc-go/v8 v8.5.1/go.mod h1:P5hkAvq0Qbg0h18uLxDVA9q1kOJ0l36htMsskiNwXbo=
 github.com/cosmos/ics23/go v0.11.0 h1:jk5skjT0TqX5e5QJbEnwXIS2yI2vnmLOgpQPeM5RtnU=
 github.com/cosmos/ics23/go v0.11.0/go.mod h1:A8OjxPE67hHST4Icw94hOxxFEJMBG031xIGF/JHNIY0=
 github.com/cosmos/interchain-security/v6 v6.0.0-rc0 h1:K5kcYOaVE1/DwN2SjH9/mQh6cWtNfSAz1hf+td0+3u8=