diff --git a/.changeset/wise-hornets-hunt.md b/.changeset/wise-hornets-hunt.md
new file mode 100644
index 000000000000..f67e9c603df6
--- /dev/null
+++ b/.changeset/wise-hornets-hunt.md
@@ -0,0 +1,5 @@
+---
+"@ledgerhq/coin-tezos": patch
+---
+
+Fix addresses on operations
diff --git a/libs/coin-modules/coin-tezos/package.json b/libs/coin-modules/coin-tezos/package.json
index 3e7cf7f9ff97..4f7a6ef25757 100644
--- a/libs/coin-modules/coin-tezos/package.json
+++ b/libs/coin-modules/coin-tezos/package.json
@@ -108,6 +108,7 @@
     "lint": "eslint ./src --no-error-on-unmatched-pattern --ext .ts,.tsx --cache",
     "lint:fix": "pnpm lint --fix",
     "test": "jest",
+    "test-watch": "jest --watch",
     "test-integ": "jest --config=jest.integ.config.js",
     "unimported": "unimported"
   },
diff --git a/libs/coin-modules/coin-tezos/src/logic/listOperations.test.ts b/libs/coin-modules/coin-tezos/src/logic/listOperations.test.ts
new file mode 100644
index 000000000000..d86755ae5378
--- /dev/null
+++ b/libs/coin-modules/coin-tezos/src/logic/listOperations.test.ts
@@ -0,0 +1,101 @@
+import { listOperations } from "./listOperations";
+import { APIDelegationType, APITransactionType } from "../network/types";
+
+const mockNetworkGetTransactions = jest.fn();
+jest.mock("../network", () => ({
+  tzkt: {
+    getAccountOperations: async () => {
+      return mockNetworkGetTransactions();
+    },
+  },
+}));
+
+describe("listOperations", () => {
+  afterEach(() => {
+    mockNetworkGetTransactions.mockClear();
+  });
+
+  it("should return no operations", async () => {
+    // Given
+    mockNetworkGetTransactions.mockResolvedValue([]);
+    // When
+    const [results, token] = await listOperations("any address", {});
+    // Then
+    expect(results).toEqual([]);
+    expect(token).toEqual("");
+  });
+
+  const someDestinationAddress = "tz3Vq38qYD3GEbWcXHMLt5PaASZrkDtEiA8D";
+  const someSenderAddress = "tz2CVMDVA16dD9A7kpWym2ptGDhs5zUhwWXr";
+  const delegate: APIDelegationType = {
+    type: "delegation",
+    id: 111,
+    level: 2702551,
+    block: "BMJ1ZQ6",
+    timestamp: "2022-09-12T01:36:59Z",
+    amount: 724846,
+    sender: {
+      address: someSenderAddress,
+    },
+    counter: 65214462,
+    prevDelegate: {
+      address: someDestinationAddress,
+    },
+    newDelegate: null,
+  };
+
+  const undelegate: APIDelegationType = {
+    ...delegate,
+    id: 222,
+    prevDelegate: null,
+    newDelegate: { address: someDestinationAddress },
+  };
+
+  const transfer: APITransactionType = {
+    ...delegate,
+    id: 333,
+    initiator: null,
+    type: "transaction",
+    target: { address: someDestinationAddress },
+  };
+
+  it.each([undelegate, delegate, transfer])(
+    "should return operation with proper recipient list",
+    async operation => {
+      // Given
+      mockNetworkGetTransactions.mockResolvedValue([operation]);
+      // When
+      const [results, token] = await listOperations("any address", {});
+      // Then
+      expect(results.length).toEqual(1);
+      expect(results[0].recipients).toEqual([someDestinationAddress]);
+      expect(token).toEqual(JSON.stringify(operation.id));
+    },
+  );
+
+  it.each([
+    { ...undelegate, newDelegate: null, prevDelegate: null },
+    { ...transfer, target: null },
+  ])("should return empty recipient list when no target can be found", async operation => {
+    // Given
+    mockNetworkGetTransactions.mockResolvedValue([operation]);
+    // When
+    const [results, token] = await listOperations("any address", {});
+    // Then
+    expect(results.length).toEqual(1);
+    expect(results[0].recipients).toEqual([]);
+    expect(token).toEqual(JSON.stringify(operation.id));
+  });
+
+  it("should return empty sender list when no sender can be found", async () => {
+    // Given
+    const operation = { ...undelegate, sender: null };
+    mockNetworkGetTransactions.mockResolvedValue([operation]);
+    // When
+    const [results, token] = await listOperations("any address", {});
+    // Then
+    expect(results.length).toEqual(1);
+    expect(results[0].senders).toEqual([]);
+    expect(token).toEqual(JSON.stringify(operation.id));
+  });
+});
diff --git a/libs/coin-modules/coin-tezos/src/logic/listOperations.ts b/libs/coin-modules/coin-tezos/src/logic/listOperations.ts
index 9220d872c31d..3b104309c9c3 100644
--- a/libs/coin-modules/coin-tezos/src/logic/listOperations.ts
+++ b/libs/coin-modules/coin-tezos/src/logic/listOperations.ts
@@ -1,4 +1,5 @@
 import { tzkt } from "../network";
+import { log } from "@ledgerhq/logs";
 import {
   type APIDelegationType,
   type APITransactionType,
@@ -33,25 +34,41 @@ export async function listOperations(
   }
   const operations = await tzkt.getAccountOperations(address, options);
   const lastOperation = operations.slice(-1)[0];
-  const nextId = lastOperation ? JSON.stringify(lastOperation?.id) : "";
+  const nextToken = lastOperation ? JSON.stringify(lastOperation?.id) : "";
   return [
     operations
       .filter(op => isAPITransactionType(op) || isAPIDelegationType(op))
       .reduce((acc, op) => acc.concat(convertOperation(address, op)), [] as Operation[]),
-    nextId,
+    nextToken,
   ];
 }
 
+// note that "initiator" of APITransactionType is never used in the conversion
 function convertOperation(
   address: string,
   operation: APITransactionType | APIDelegationType,
 ): Operation {
   const { amount, hash, storageFee, sender, timestamp, type, counter } = operation;
-  let targetAddress = "";
-  if (isAPITransactionType(operation) && operation.target) {
-    targetAddress = operation.target.address;
+
+  let targetAddress = undefined;
+  if (isAPITransactionType(operation)) {
+    targetAddress = operation?.target?.address;
+  } else if (isAPIDelegationType(operation)) {
+    // delegate and undelegate has the type, but hold the address in different fields
+    targetAddress = operation?.newDelegate?.address || operation?.prevDelegate?.address;
+  }
+
+  const recipients = [];
+  if (!targetAddress) {
+    log("coin:tezos", "(logic/operations): No target address found for operation", operation);
+  } else {
+    recipients.push(targetAddress);
   }
+
+  const senders = sender?.address ? [sender.address] : [];
+
   return {
+    // hash id defined nullable in the tzkt API, but I wonder when it would be null ?
     hash: hash ?? "",
     address,
     type: type,
@@ -63,8 +80,8 @@ function convertOperation(
       height: operation.level,
       time: new Date(operation.timestamp),
     },
-    senders: [sender?.address ?? ""],
-    recipients: [targetAddress],
+    senders: senders,
+    recipients: recipients,
     date: new Date(timestamp),
     transactionSequenceNumber: counter,
   };