diff --git a/CHANGELOG.md b/CHANGELOG.md
index 821cef6cc..a5e079403 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,7 @@
+## [unreleased]
+
+- [\#690](https://github.com/terra-money/core/pull/690) Fix wasm memory leak and module drop order
+
 ## v0.5.17
 
 This release contains security update.
diff --git a/go.mod b/go.mod
index 2ed2e9de5..5272182bd 100644
--- a/go.mod
+++ b/go.mod
@@ -3,7 +3,7 @@ go 1.17
 module github.com/terra-money/core
 
 require (
-	github.com/CosmWasm/wasmvm v0.16.3
+	github.com/CosmWasm/wasmvm v0.16.6
 	github.com/cosmos/cosmos-sdk v0.44.5
 	github.com/cosmos/ibc-go v1.1.5
 	github.com/gogo/protobuf v1.3.3
diff --git a/go.sum b/go.sum
index 5b089a5ee..a80ac3af4 100644
--- a/go.sum
+++ b/go.sum
@@ -58,8 +58,8 @@ github.com/BurntSushi/toml v0.3.1/go.mod h1:xHWCNGjB5oqiDr8zfno3MHue2Ht5sIBksp03
 github.com/BurntSushi/xgb v0.0.0-20160522181843-27f122750802/go.mod h1:IVnqGOEym/WlBOVXweHU+Q+/VP0lqqI8lqeDx9IjBqo=
 github.com/ChainSafe/go-schnorrkel v0.0.0-20200405005733-88cbf1b4c40d h1:nalkkPQcITbvhmL4+C4cKA87NW0tfm3Kl9VXRoPywFg=
 github.com/ChainSafe/go-schnorrkel v0.0.0-20200405005733-88cbf1b4c40d/go.mod h1:URdX5+vg25ts3aCh8H5IFZybJYKWhJHYMTnf+ULtoC4=
-github.com/CosmWasm/wasmvm v0.16.3 h1:hUf33EHRmyyvKMhwVl7nMaAOY0vYJVB4bhU+HPfHfBM=
-github.com/CosmWasm/wasmvm v0.16.3/go.mod h1:Id107qllDJyJjVQQsKMOy2YYF98sqPJ2t+jX1QES40A=
+github.com/CosmWasm/wasmvm v0.16.6 h1:YEqno8DJifj+1NixXSJGOXCKGX4Qb4kdYK1+JIHLpog=
+github.com/CosmWasm/wasmvm v0.16.6/go.mod h1:saGLYYSj6rRVFL6EaWZHzXbLD3Rgn8ZEK+0H+UjKOE4=
 github.com/DataDog/datadog-go v3.2.0+incompatible/go.mod h1:LButxg5PwREeZtORoXG3tL4fMGNddJ+vMq1mwgfaqoQ=
 github.com/DataDog/zstd v1.4.1/go.mod h1:1jcaCB/ufaK+sKp1NBhlGmpz41jOoPQ35bpF36t7BBo=
 github.com/DataDog/zstd v1.4.5 h1:EndNeuB0l9syBZhut0wns3gV1hL8zX8LIu6ZiVHWLIQ=