diff --git a/CHANGELOG.md b/CHANGELOG.md
index c16cbdbef462..8828b507cf2e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -43,6 +43,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Bug Fixes
 
+* (x/ibc) [\#9640](https://github.com/cosmos/cosmos-sdk/pull/9640) Fix IBC Transfer Ack Success event as it was initially emitting opposite value.
 * [\#9645](https://github.com/cosmos/cosmos-sdk/pull/9645) Use correct Prometheus format for metric labels.
 * [\#9299](https://github.com/cosmos/cosmos-sdk/pull/9299) Fix `[appd] keys parse cosmos1...` freezing.
 
diff --git a/x/ibc/applications/transfer/module.go b/x/ibc/applications/transfer/module.go
index f0d8aa2cb5c6..79de4e77b4cf 100644
--- a/x/ibc/applications/transfer/module.go
+++ b/x/ibc/applications/transfer/module.go
@@ -343,7 +343,7 @@ func (am AppModule) OnRecvPacket(
 			sdk.NewAttribute(types.AttributeKeyReceiver, data.Receiver),
 			sdk.NewAttribute(types.AttributeKeyDenom, data.Denom),
 			sdk.NewAttribute(types.AttributeKeyAmount, fmt.Sprintf("%d", data.Amount)),
-			sdk.NewAttribute(types.AttributeKeyAckSuccess, fmt.Sprintf("%t", err != nil)),
+			sdk.NewAttribute(types.AttributeKeyAckSuccess, fmt.Sprintf("%t", err == nil)),
 		),
 	)