diff --git a/crypto/keys/multisig/amino.go b/crypto/keys/multisig/amino.go
index 4849a23173d2..b36c78cf51eb 100644
--- a/crypto/keys/multisig/amino.go
+++ b/crypto/keys/multisig/amino.go
@@ -78,7 +78,10 @@ func (m *LegacyAminoPubKey) UnmarshalAminoJSON(tmPk tmMultisig) error {
 	// Instead of just doing `*m = *protoPk`, we prefer to modify in-place the
 	// existing Anys inside `m` (instead of allocating new Anys), as so not to
 	// break the `.compat` fields in the existing Anys.
+
+	m.PubKeys = make ([]*types.Any, len(protoPk.PubKeys))
 	for i := range m.PubKeys {
+		m.PubKeys[i] = &types.Any{}
 		m.PubKeys[i].TypeUrl = protoPk.PubKeys[i].TypeUrl
 		m.PubKeys[i].Value = protoPk.PubKeys[i].Value
 	}
diff --git a/crypto/keys/multisig/multisig_test.go b/crypto/keys/multisig/multisig_test.go
index 1284c6c88476..35a5c26d2433 100644
--- a/crypto/keys/multisig/multisig_test.go
+++ b/crypto/keys/multisig/multisig_test.go
@@ -32,6 +32,7 @@ func TestEquals(t *testing.T) {
 	multisigKey := kmultisig.NewLegacyAminoPubKey(1, []cryptotypes.PubKey{pubKey1, pubKey2})
 	otherMultisigKey := kmultisig.NewLegacyAminoPubKey(1, []cryptotypes.PubKey{pubKey1, multisigKey})
 
+
 	testCases := []struct {
 		msg      string
 		other    cryptotypes.PubKey
@@ -380,4 +381,5 @@ func TestAminoUnmarshalJSON(t *testing.T) {
 	err := cdc.UnmarshalJSON([]byte(pkJSON), &pk)
 	require.NoError(t, err)
 	require.Equal(t, uint32(3), pk.(*kmultisig.LegacyAminoPubKey).Threshold)
+	require.Equal(t, 5, len(pk.(*kmultisig.LegacyAminoPubKey).PubKeys))
 }