diff --git a/app/scripts/background.js b/app/scripts/background.js
index 697417fd2..0e5a76d51 100644
--- a/app/scripts/background.js
+++ b/app/scripts/background.js
@@ -3,7 +3,7 @@ const Dnode = require('dnode')
 const eos = require('end-of-stream')
 const asyncQ = require('async-q')
 const Migrator = require('./lib/migrator/')
-const migrations = require('./lib/migrations')
+const migrations = require('./lib/migrations/')
 const LocalStorageStore = require('./lib/observable/local-storage')
 const PortStream = require('./lib/port-stream.js')
 const notification = require('./lib/notifications.js')
@@ -35,10 +35,7 @@ asyncQ.waterfall([
 function loadStateFromPersistence() {
   // migrations
   let migrator = new Migrator({ migrations })
-  let initialState = {
-    meta: { version: migrator.defaultVersion },
-    data: firstTimeState,
-  }
+  let initialState = migrator.generateInitialState(firstTimeState)
   return asyncQ.waterfall([
     // read from disk
     () => Promise.resolve(diskStore.get() || initialState),
@@ -68,6 +65,7 @@ function setupController (initState) {
     // initial state
     initState,
   })
+  global.metamaskController = controller
 
   // setup state persistence
   controller.store.subscribe((newState) => diskStore)
diff --git a/app/scripts/lib/migrator/index.js b/app/scripts/lib/migrator/index.js
index 02d8c2335..ab5a757b3 100644
--- a/app/scripts/lib/migrator/index.js
+++ b/app/scripts/lib/migrator/index.js
@@ -7,22 +7,31 @@ class Migrator {
     this.migrations = migrations.sort((a, b) => a.version - b.version)
     let lastMigration = this.migrations.slice(-1)[0]
     // use specified defaultVersion or highest migration version
-    this.defaultVersion = opts.defaultVersion || lastMigration && lastMigration.version || 0
+    this.defaultVersion = opts.defaultVersion || (lastMigration && lastMigration.version) || 0
   }
 
   // run all pending migrations on meta in place
-  migrateData (meta = { version: this.defaultVersion }) {
+  migrateData (versionedData = this.generateInitialState()) {
     let remaining = this.migrations.filter(migrationIsPending)
     
     return (
-      asyncQ.eachSeries(remaining, (migration) => migration.migrate(meta))
-      .then(() => meta)
+      asyncQ.eachSeries(remaining, (migration) => migration.migrate(versionedData))
+      .then(() => versionedData)
     )
 
     // migration is "pending" if hit has a higher
     // version number than currentVersion
     function migrationIsPending(migration) {
-      return migration.version > meta.version
+      return migration.version > versionedData.meta.version
+    }
+  }
+
+  generateInitialState (initState) {
+    return {
+      meta: {
+        version: this.defaultVersion,
+      },
+      data: initState,
     }
   }
 
diff --git a/app/scripts/migrations/002.js b/app/scripts/migrations/002.js
index 97f427d3a..476b0a43a 100644
--- a/app/scripts/migrations/002.js
+++ b/app/scripts/migrations/002.js
@@ -3,14 +3,14 @@ const version = 2
 module.exports = {
   version,
 
-  migrate: function (meta) {
-    meta.version = version
+  migrate: function (versionedData) {
+    versionedData.meta.version = version
     try {
-      if (meta.data.config.provider.type === 'etherscan') {
-        meta.data.config.provider.type = 'rpc'
-        meta.data.config.provider.rpcTarget = 'https://rpc.metamask.io/'
+      if (versionedData.data.config.provider.type === 'etherscan') {
+        versionedData.data.config.provider.type = 'rpc'
+        versionedData.data.config.provider.rpcTarget = 'https://rpc.metamask.io/'
       }
     } catch (e) {}
-    return Promise.resolve(meta)
+    return Promise.resolve(versionedData)
   },
 }
diff --git a/app/scripts/migrations/003.js b/app/scripts/migrations/003.js
index b25e26e01..eceaeaa4b 100644
--- a/app/scripts/migrations/003.js
+++ b/app/scripts/migrations/003.js
@@ -5,13 +5,13 @@ const newTestRpc = 'https://testrpc.metamask.io/'
 module.exports = {
   version,
 
-  migrate: function (meta) {
-    meta.version = version
+  migrate: function (versionedData) {
+    versionedData.meta.version = version
     try {
-      if (meta.data.config.provider.rpcTarget === oldTestRpc) {
-        meta.data.config.provider.rpcTarget = newTestRpc
+      if (versionedData.data.config.provider.rpcTarget === oldTestRpc) {
+        versionedData.data.config.provider.rpcTarget = newTestRpc
       }
     } catch (e) {}
-    return Promise.resolve(meta)
+    return Promise.resolve(versionedData)
   },
 }
diff --git a/app/scripts/migrations/004.js b/app/scripts/migrations/004.js
index e72eef2b7..0f9850208 100644
--- a/app/scripts/migrations/004.js
+++ b/app/scripts/migrations/004.js
@@ -3,23 +3,23 @@ const version = 4
 module.exports = {
   version,  
 
-  migrate: function (meta) {
-    meta.version = version
+  migrate: function (versionedData) {
+    versionedData.meta.version = version
     try {
-      if (meta.data.config.provider.type !== 'rpc') return Promise.resolve(meta)
-      switch (meta.data.config.provider.rpcTarget) {
+      if (versionedData.data.config.provider.type !== 'rpc') return Promise.resolve(versionedData)
+      switch (versionedData.data.config.provider.rpcTarget) {
         case 'https://testrpc.metamask.io/':
-          meta.data.config.provider = {
+          versionedData.data.config.provider = {
             type: 'testnet',
           }
           break
         case 'https://rpc.metamask.io/':
-          meta.data.config.provider = {
+          versionedData.data.config.provider = {
             type: 'mainnet',
           }
           break
       }
     } catch (_) {}
-    return Promise.resolve(meta)
+    return Promise.resolve(versionedData)
   },
 }
diff --git a/app/scripts/migrations/005.js b/app/scripts/migrations/005.js
new file mode 100644
index 000000000..4c76b1dcf
--- /dev/null
+++ b/app/scripts/migrations/005.js
@@ -0,0 +1,44 @@
+const version = 5
+
+const ObservableStore = require('../../app/scripts/lib/observable/')
+const ConfigManager = require('../../app/scripts/lib/config-manager')
+const IdentityStoreMigrator = require('../../app/scripts/lib/idStore-migrator')
+const KeyringController = require('../../app/scripts/lib/keyring-controller')
+
+const password = 'obviously not correct'
+
+module.exports = {
+  version,  
+
+  migrate: function (versionedData) {
+    versionedData.meta.version = version
+
+    let store = new ObservableStore(versionedData.data)
+    let configManager = new ConfigManager({ store })
+    let idStoreMigrator = new IdentityStoreMigrator({ configManager })
+    let keyringController = new KeyringController({
+      configManager: configManager,
+    })
+
+    // attempt to migrate to multiVault
+    return idStoreMigrator.migratedVaultForPassword(password)
+    .then((result) => {
+      // skip if nothing to migrate
+      if (!result) return Promise.resolve(versionedData)
+      delete versionedData.data.wallet
+      // create new keyrings
+      const privKeys = result.lostAccounts.map(acct => acct.privateKey)
+      return Promise.all([
+        keyringController.restoreKeyring(result.serialized),
+        keyringController.restoreKeyring({ type: 'Simple Key Pair', data: privKeys }),
+      ]).then(() => {
+        return keyringController.persistAllKeyrings(password)
+      }).then(() => {
+        // copy result on to state object
+        versionedData.data = store.get()
+        return Promise.resolve(versionedData)
+      })
+    })
+
+  },
+}
diff --git a/app/scripts/lib/migrations.js b/app/scripts/migrations/index.js
similarity index 82%
rename from app/scripts/lib/migrations.js
rename to app/scripts/migrations/index.js
index 12f60def1..d2ac221b9 100644
--- a/app/scripts/lib/migrations.js
+++ b/app/scripts/migrations/index.js
@@ -12,7 +12,7 @@
 // config data format, and returns the new one.
 
 module.exports = [
-  require('../migrations/002'),
-  require('../migrations/003'),
-  require('../migrations/004'),
+  require('./002'),
+  require('./003'),
+  require('./004'),
 ]