diff --git a/app/core/Engine.ts b/app/core/Engine.ts
index 40ca9707156..e9b61c29d4a 100644
--- a/app/core/Engine.ts
+++ b/app/core/Engine.ts
@@ -430,6 +430,7 @@ class Engine {
 
 		TokensController.update({
 			allTokens: {},
+			allIgnoredTokens: {},
 			ignoredTokens: [],
 			tokens: [],
 			suggestedAssets: []
@@ -446,13 +447,22 @@ class Engine {
 		});
 	};
 
-	sync = async ({ accounts, preferences, network, transactions, seed, pass, importedAccounts }) => {
+	sync = async ({
+		accounts,
+		preferences,
+		network,
+		transactions,
+		seed,
+		pass,
+		importedAccounts,
+		tokens: { allTokens, allIgnoredTokens }
+	}) => {
 		const {
 			KeyringController,
 			PreferencesController,
 			NetworkController,
 			TransactionController,
-			TokensController
+			TokensController,
 		} = this.context;
 
 		// Select same network ?
@@ -470,31 +480,9 @@ class Engine {
 				await KeyringController.importAccountWithStrategy('privateKey', [importedAccounts[i]]);
 			}
 		}
-		// Sync tokens
-		const allTokens = {};
-		Object.keys(preferences.accountTokens).forEach(address => {
-			const checksummedAddress = toChecksumAddress(address);
-			allTokens[checksummedAddress] = {};
-			Object.keys(preferences.accountTokens[address]).forEach(chainId => {
-				const network = Object.values(Networks).find(
-					({ hexChainId: networkChainId }) => networkChainId === chainId
-				);
-				const networkType = network?.networkType;
-				// !networkType this will probably happen on custom rpc networks
-				if (!networkType) return;
-				allTokens[checksummedAddress][networkType] =
-					chainId !== `0x1`
-						? preferences.accountTokens[address][chainId]
-						: preferences.accountTokens[address][chainId]
-								.filter(({ address }) =>
-									contractMap[toChecksumAddress(address)]
-										? contractMap[toChecksumAddress(address)].erc20
-										: true
-								)
-								.map((token: { address: string; }) => ({ ...token, address: toChecksumAddress(token.address) }));
-			});
-		});
-		await TokensController.update({ allTokens });
+
+		// Restore tokens
+		await TokensController.update({ allTokens, allIgnoredTokens });
 
 		// Restore preferences
 		const updatedPref = { ...preferences, identities: {} };
diff --git a/app/store/migrations.js b/app/store/migrations.js
index ad1f6092442..d447a296af9 100644
--- a/app/store/migrations.js
+++ b/app/store/migrations.js
@@ -154,8 +154,51 @@ export const migrations = {
 			: DefaultPreference.set(METRICS_OPT_IN, DENIED);
 		DefaultPreference.set(ONBOARDING_WIZARD, EXPLORED);
 
+		return state;
+	},
+	7: state => {
+		const allTokens = state.engine.backgroundState.TokensController.allTokens;
+		const newAllTokens = {};
+		if (allTokens) {
+			Object.keys(allTokens).forEach(accountAddress => {
+				Object.keys(allTokens[accountAddress]).forEach(chainId => {
+					const tokensArray = allTokens[accountAddress][chainId];
+					if (newAllTokens[chainId] === undefined) {
+						newAllTokens[chainId] = { [accountAddress]: tokensArray };
+					} else {
+						newAllTokens[chainId] = {
+							...newAllTokens[chainId],
+							[accountAddress]: tokensArray
+						};
+					}
+				});
+			});
+		}
+
+		const ignoredTokens = state.engine.backgroundState.TokensController.ignoredTokens;
+		const newAllIgnoredTokens = {};
+		Object.keys(allTokens).forEach(accountAddress => {
+			Object.keys(allTokens[accountAddress]).forEach(chainId => {
+				if (newAllIgnoredTokens[chainId] === undefined) {
+					newAllIgnoredTokens[chainId] = {
+						[accountAddress]: ignoredTokens
+					};
+				} else {
+					newAllIgnoredTokens[chainId] = {
+						...newAllIgnoredTokens[chainId],
+						[accountAddress]: ignoredTokens
+					};
+				}
+			});
+		});
+
+		state.engine.backgroundState.TokensController = {
+			allTokens: newAllTokens,
+			allIgnoredTokens: newAllIgnoredTokens
+		};
+
 		return state;
 	}
 };
 
-export const version = 6;
+export const version = 7;
diff --git a/package.json b/package.json
index 0662e248c24..293982bd810 100644
--- a/package.json
+++ b/package.json
@@ -78,7 +78,7 @@
   "dependencies": {
     "@exodus/react-native-payments": "https://github.com/wachunei/react-native-payments.git#package-json-hack",
     "@metamask/contract-metadata": "^1.23.0",
-    "@metamask/controllers": "^14.2.0",
+    "@metamask/controllers": "^15.0.2",
     "@metamask/etherscan-link": "^2.0.0",
     "@metamask/swaps-controller": "^6.2.0",
     "@react-native-community/async-storage": "1.12.1",
diff --git a/yarn.lock b/yarn.lock
index feedc8f4a9f..188ab15608e 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1424,6 +1424,11 @@
   resolved "https://registry.yarnpkg.com/@metamask/contract-metadata/-/contract-metadata-1.28.0.tgz#76796f5010aa4aa6d28bf6fe36392017cea687cb"
   integrity sha512-QZj6Y1nmSs9BHufBS1GSuPX5TVFa5gbtMhEo/KRuSdKyY43OdlbBKuyT36/l5p30krlzfMX8bN0MAWqw3g0Bog==
 
+"@metamask/contract-metadata@^1.29.0":
+  version "1.29.0"
+  resolved "https://registry.yarnpkg.com/@metamask/contract-metadata/-/contract-metadata-1.29.0.tgz#4ca86a2f03d4dad4350d09216a7fe92f9dd21c8e"
+  integrity sha512-wxsC0ZCyhPKqThvmsL8+2zVWGWPqofSo8HNtOuOnQM9oGbXX9294imJ3T+A/Lov8fkX4jAWZOeNV0uR80zkNtA==
+
 "@metamask/controllers@^14.2.0":
   version "14.2.0"
   resolved "https://registry.yarnpkg.com/@metamask/controllers/-/controllers-14.2.0.tgz#bed161ac3523fd525be79b0e557b132e2e2526e4"
@@ -1460,6 +1465,43 @@
     web3 "^0.20.7"
     web3-provider-engine "^16.0.3"
 
+"@metamask/controllers@^15.0.2":
+  version "15.0.2"
+  resolved "https://registry.yarnpkg.com/@metamask/controllers/-/controllers-15.0.2.tgz#b4012a8bf28bd2c8dbb3c96f4d934d6cf1bb778c"
+  integrity sha512-MPxfZ2OOTzEa5lUzDsSkINtlTDU4q4udjpBNM5Dq1yCnLKIuPKzYC5nl/rA88Ssr9Hs6babCtMbnUpbbjQjLOg==
+  dependencies:
+    "@ethereumjs/common" "^2.3.1"
+    "@ethereumjs/tx" "^3.2.1"
+    "@metamask/contract-metadata" "^1.29.0"
+    "@types/uuid" "^8.3.0"
+    abort-controller "^3.0.0"
+    async-mutex "^0.2.6"
+    babel-runtime "^6.26.0"
+    eth-ens-namehash "^2.0.8"
+    eth-json-rpc-infura "^5.1.0"
+    eth-keyring-controller "^6.2.1"
+    eth-method-registry "1.1.0"
+    eth-phishing-detect "^1.1.14"
+    eth-query "^2.1.2"
+    eth-rpc-errors "^4.0.0"
+    eth-sig-util "^3.0.0"
+    ethereumjs-util "^7.0.10"
+    ethereumjs-wallet "^1.0.1"
+    ethers "^5.4.1"
+    ethjs-unit "^0.1.6"
+    ethjs-util "^0.1.6"
+    human-standard-collectible-abi "^1.0.2"
+    human-standard-token-abi "^2.0.0"
+    immer "^8.0.1"
+    isomorphic-fetch "^3.0.0"
+    jsonschema "^1.2.4"
+    nanoid "^3.1.12"
+    punycode "^2.1.1"
+    single-call-balance-checker-abi "^1.0.0"
+    uuid "^8.3.2"
+    web3 "^0.20.7"
+    web3-provider-engine "^16.0.3"
+
 "@metamask/etherscan-link@^2.0.0":
   version "2.1.0"
   resolved "https://registry.yarnpkg.com/@metamask/etherscan-link/-/etherscan-link-2.1.0.tgz#c0be8e68445b7b83cf85bcc03a56cdf8e256c973"