diff --git a/core/src/main/java/com/google/bitcoin/store/WalletProtobufSerializer.java b/core/src/main/java/com/google/bitcoin/store/WalletProtobufSerializer.java
index c60f7f93..66c42488 100644
--- a/core/src/main/java/com/google/bitcoin/store/WalletProtobufSerializer.java
+++ b/core/src/main/java/com/google/bitcoin/store/WalletProtobufSerializer.java
@@ -62,6 +62,11 @@ public class WalletProtobufSerializer {
     private Map<ByteString, Transaction> txMap;
     private WalletExtensionSerializer helper;
 
+    // Temporary hack for migrating 0.5 wallets to 0.6 wallets. In 0.5 transactions stored the height at which they
+    // appeared in the block chain (for the current best chain) but not the depth. In 0.6 we store both and update
+    // every transaction every time we receive a block, so we need to fill out depth from best chain height.
+    private int chainHeight;
+
     public WalletProtobufSerializer() {
         txMap = new HashMap<ByteString, Transaction>();
         helper = new WalletExtensionSerializer();
@@ -136,8 +141,6 @@ public class WalletProtobufSerializer {
         return walletBuilder.build();
     }
 
-
-    
     private static Protos.Transaction makeTxProto(WalletTransaction wtx) {
         Transaction tx = wtx.getTransaction();
         Protos.Transaction.Builder txBuilder = Protos.Transaction.newBuilder();
@@ -231,6 +234,16 @@ public class WalletProtobufSerializer {
         return new Sha256Hash(bs.toByteArray());
     }
 
+    /**
+     * TEMPORARY API: Used for migrating 0.5 wallets to 0.6 - during deserialization we need to know the chain height
+     * so the depth field of transaction confidence objects can be filled out correctly. Set this before loading a
+     * wallet. It's only used for older wallets that lack the data already.
+     *
+     * @param chainHeight
+     */
+    public void setChainHeight(int chainHeight) {
+        this.chainHeight = chainHeight;
+    }
 
     /**
      * Parses a wallet from the given stream. The stream is expected to contain a binary serialization of a 
@@ -242,7 +255,6 @@ public class WalletProtobufSerializer {
      */
     public Wallet readWallet(InputStream input) throws IOException {
         // TODO: This method should throw more specific exception types than IllegalArgumentException.
-        WalletProtobufSerializer serializer = new WalletProtobufSerializer();
         Protos.Wallet walletProto = parseToProto(input);
 
         // System.out.println(TextFormat.printToString(walletProto));
@@ -267,12 +279,12 @@ public class WalletProtobufSerializer {
         
         // Read all transactions and insert into the txMap.
         for (Protos.Transaction txProto : walletProto.getTransactionList()) {
-            serializer.readTransaction(txProto, params);
+            readTransaction(txProto, params);
         }
 
         // Update transaction outputs to point to inputs that spend them
         for (Protos.Transaction txProto : walletProto.getTransactionList()) {
-            WalletTransaction wtx = serializer.connectTransactionOutputs(txProto);
+            WalletTransaction wtx = connectTransactionOutputs(txProto);
             wallet.addWalletTransaction(wtx);
         }
         
@@ -389,6 +401,11 @@ public class WalletProtobufSerializer {
                 return;
             }
             confidence.setDepthInBlocks(confidenceProto.getDepth());
+        } else {
+            // TEMPORARY CODE FOR MIGRATING 0.5 WALLETS TO 0.6
+            if (chainHeight != 0) {
+                confidence.setDepthInBlocks(chainHeight - confidence.getAppearedAtChainHeight());
+            }
         }
         if (confidenceProto.hasWorkDone()) {
             if (confidence.getConfidenceType() != ConfidenceType.BUILDING) {
@@ -411,7 +428,7 @@ public class WalletProtobufSerializer {
             confidence.setOverridingTransaction(overridingTransaction);
         }
         for (Protos.PeerAddress proto : confidenceProto.getBroadcastByList()) {
-            InetAddress ip = null;
+            InetAddress ip;
             try {
                 ip = InetAddress.getByAddress(proto.getIpAddress().toByteArray());
             } catch (UnknownHostException e) {
diff --git a/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java b/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java
index b1abd9ba..b4ab8a06 100644
--- a/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java
+++ b/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java
@@ -33,6 +33,7 @@ import org.slf4j.Logger;
 import org.slf4j.LoggerFactory;
 import org.spongycastle.util.encoders.Hex;
 
+import java.io.BufferedInputStream;
 import java.io.File;
 import java.io.FileInputStream;
 import java.io.IOException;
@@ -298,7 +299,16 @@ public class WalletTool {
         }
 
         try {
-            wallet = Wallet.loadFromFile(walletFile);
+            WalletProtobufSerializer loader = new WalletProtobufSerializer();
+            if (chainFileName.exists()) {
+                // TEMPORARY MIGRATION CODE FOR 0.5 -> 0.6 TRANSITION. This will ensure the depth (but NOT workDone)
+                // fields gets set correctly for older wallets.
+                store = new BoundedOverheadBlockStore(params, chainFileName);
+                loader.setChainHeight(store.getChainHead().getHeight());
+                System.out.println("Setting chain height for import to " + store.getChainHead().getHeight());
+                store = null;
+            }
+            wallet = loader.readWallet(new BufferedInputStream(new FileInputStream(walletFile)));
             if (!wallet.getParams().equals(params)) {
                 System.err.println("Wallet does not match requested network parameters: " +
                         wallet.getParams().getId() + " vs " + params.getId());