diff --git a/lib/wallet.py b/lib/wallet.py
index ce4b76b3c..d10abf7ac 100644
--- a/lib/wallet.py
+++ b/lib/wallet.py
@@ -119,8 +119,12 @@ class Wallet:
         if self.seed_version != SEED_VERSION:
             raise ValueError("This wallet seed is deprecated. Please run upgrade.py for a diagnostic.")
 
-        for tx_hash in self.transactions.keys():
-            self.update_tx_outputs(tx_hash)
+        for tx_hash, tx in self.transactions.items():
+            if self.check_new_tx(tx_hash, tx):
+                self.update_tx_outputs(tx_hash)
+            else:
+                print_error("unreferenced tx", tx_hash)
+                self.transactions.pop(tx_hash)
 
 
     def set_up_to_date(self,b):