diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3efc147a4..3f71b5cc7 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -24,6 +24,7 @@ BUG FIXES
 
 * [baseapp] Fix panic on app restart
 * [baseapp] InitChain does not call Commit
+* [basecoin] Remove IBCStore because mounting multiple stores is currently broken
 
 ## 0.10.0 (February 20, 2017)
 
diff --git a/baseapp/baseapp_test.go b/baseapp/baseapp_test.go
index d94217c7f..8114ef93c 100644
--- a/baseapp/baseapp_test.go
+++ b/baseapp/baseapp_test.go
@@ -150,10 +150,12 @@ func TestInitChainer(t *testing.T) {
 	name := t.Name()
 	app := NewBaseApp(name, logger, db)
 
-	// make a cap key and mount the store
+	// make cap keys and mount the stores
+	// NOTE/TODO: mounting multiple stores is broken
+	// see https://github.com/cosmos/cosmos-sdk/issues/532
 	capKey := sdk.NewKVStoreKey("main")
-	capKey2 := sdk.NewKVStoreKey("key2")
-	app.MountStoresIAVL(capKey, capKey2)
+	// capKey2 := sdk.NewKVStoreKey("key2")
+	app.MountStoresIAVL(capKey)          // , capKey2)
 	err := app.LoadLatestVersion(capKey) // needed to make stores non-nil
 	assert.Nil(t, err)
 
@@ -186,8 +188,8 @@ func TestInitChainer(t *testing.T) {
 	// reload app
 	app = NewBaseApp(name, logger, db)
 	capKey = sdk.NewKVStoreKey("main")
-	capKey2 = sdk.NewKVStoreKey("key2")
-	app.MountStoresIAVL(capKey, capKey2)
+	// capKey2 = sdk.NewKVStoreKey("key2") // TODO
+	app.MountStoresIAVL(capKey)         //, capKey2)
 	err = app.LoadLatestVersion(capKey) // needed to make stores non-nil
 	assert.Nil(t, err)
 	app.SetInitChainer(initChainer)
diff --git a/examples/basecoin/app/app.go b/examples/basecoin/app/app.go
index 3c27faea9..34778456b 100644
--- a/examples/basecoin/app/app.go
+++ b/examples/basecoin/app/app.go
@@ -60,7 +60,9 @@ func NewBasecoinApp(logger log.Logger, db dbm.DB) *BasecoinApp {
 	// initialize BaseApp
 	app.SetTxDecoder(app.txDecoder)
 	app.SetInitChainer(app.initChainer)
-	app.MountStoresIAVL(app.capKeyMainStore, app.capKeyIBCStore)
+	// TODO: mounting multiple stores is broken
+	// https://github.com/cosmos/cosmos-sdk/issues/532
+	app.MountStoresIAVL(app.capKeyMainStore) // , app.capKeyIBCStore)
 	app.SetAnteHandler(auth.NewAnteHandler(app.accountMapper))
 	err := app.LoadLatestVersion(app.capKeyMainStore)
 	if err != nil {