diff --git a/app/app.go b/app/app.go
index 7e694a05d..d673dcf41 100644
--- a/app/app.go
+++ b/app/app.go
@@ -159,7 +159,7 @@ func NewTerraApp(logger log.Logger, db dbm.DB, traceStore io.Writer, loadLatest
 	// add keepers
 	app.accountKeeper = auth.NewAccountKeeper(app.cdc, keys[auth.StoreKey], authSubspace, auth.ProtoBaseAccount)
 	sendBlackListAddrs := app.ModuleAccountAddrs()
-	delete(sendBlackListAddrs, oracle.ModuleName)
+	delete(sendBlackListAddrs, supply.NewModuleAddress(oracle.ModuleName).String())
 	app.bankKeeper = bank.NewBaseKeeper(app.accountKeeper, bankSubspace, bank.DefaultCodespace, sendBlackListAddrs)
 	app.supplyKeeper = supply.NewKeeper(app.cdc, keys[supply.StoreKey], app.accountKeeper, app.bankKeeper, maccPerms)
 	stakingKeeper := staking.NewKeeper(app.cdc, keys[staking.StoreKey], tkeys[staking.TStoreKey],
diff --git a/app/app_test.go b/app/app_test.go
index f86078b30..811faffa6 100644
--- a/app/app_test.go
+++ b/app/app_test.go
@@ -7,6 +7,7 @@ import (
 	"github.com/stretchr/testify/require"
 	"github.com/tendermint/tendermint/libs/log"
 	dbm "github.com/tendermint/tm-db"
+	"github.com/terra-project/core/x/oracle"
 
 	"github.com/cosmos/cosmos-sdk/codec"
 
@@ -52,6 +53,11 @@ func TestBlackListedAddrs(t *testing.T) {
 	app := NewTerraApp(log.NewTMLogger(log.NewSyncWriter(os.Stdout)), db, nil, true, 0)
 
 	for acc := range maccPerms {
-		require.True(t, app.bankKeeper.BlacklistedAddr(app.supplyKeeper.GetModuleAddress(acc)))
+		if acc == oracle.ModuleName {
+			require.False(t, app.bankKeeper.BlacklistedAddr(app.supplyKeeper.GetModuleAddress(acc)))
+		} else {
+			require.True(t, app.bankKeeper.BlacklistedAddr(app.supplyKeeper.GetModuleAddress(acc)))
+		}
+
 	}
 }