diff --git a/wallets/client/context/hooks.js b/wallets/client/context/hooks.js
index c9abc6ed..e64e3832 100644
--- a/wallets/client/context/hooks.js
+++ b/wallets/client/context/hooks.js
@@ -152,16 +152,11 @@ export function useKeyInit () {
       try {
         // TODO(wallet-v2): remove migration code
         //   and delete the old IndexedDB after wallet v2 has been released for some time
-        const oldKeyAndHash = await loadOldKey()
-        if (oldKeyAndHash) {
-          // return key found in old db and save it to new db
-          await setKey(oldKeyAndHash)
-          return
-        }
 
-        // create random key before opening transaction in case we need it
-        // and because we can't run async code in a transaction because it will close the transaction
+        // load old key and create random key before opening transaction in case we need them
+        // because we can't run async code in a transaction because it will close the transaction
         // see https://javascript.info/indexeddb#transactions-autocommit
+        const oldKeyAndHash = await loadOldKey()
         const { key: randomKey, hash: randomHash } = await generateRandomKey()
 
         // run read and write in one transaction to avoid race conditions
@@ -179,6 +174,11 @@ export function useKeyInit () {
               return resolve(read.result)
             }
 
+            if (oldKeyAndHash) {
+              // return key+hash found in old db
+              return resolve(oldKeyAndHash)
+            }
+
             // no key found, write and return generated random key
             const write = tx.objectStore('vault').put({ key: randomKey, hash: randomHash }, 'key')