diff --git a/package.json b/package.json
index b01473189..13ab9b9be 100644
--- a/package.json
+++ b/package.json
@@ -61,7 +61,7 @@
     "@synonymdev/slashtags-widget-price-feed": "1.1.0",
     "@synonymdev/web-relay": "1.0.7",
     "bech32": "2.0.0",
-    "beignet": "0.0.48",
+    "beignet": "0.0.49",
     "bip21": "2.0.3",
     "bip32": "4.0.0",
     "bitcoin-address-validation": "2.2.3",
diff --git a/src/screens/Settings/AddressViewer/index.tsx b/src/screens/Settings/AddressViewer/index.tsx
index e1ad5d638..69a3d1a13 100644
--- a/src/screens/Settings/AddressViewer/index.tsx
+++ b/src/screens/Settings/AddressViewer/index.tsx
@@ -628,7 +628,7 @@ const AddressViewer = ({
 			if (utxosLength <= 0) {
 				return;
 			}
-			resetSendTransaction();
+			await resetSendTransaction();
 			const transactionRes = await setupOnChainTransaction({
 				utxos: selectedUtxosLength > 0 ? selectedUtxos : utxos,
 				rbf: true,
diff --git a/src/store/utils/settings.ts b/src/store/utils/settings.ts
index 1298d4913..3d54dc0bc 100644
--- a/src/store/utils/settings.ts
+++ b/src/store/utils/settings.ts
@@ -9,7 +9,7 @@ import { removePin } from '../../utils/settings';
 import { wipeKeychain } from '../../utils/keychain';
 import { showToast } from '../../utils/notifications';
 import { wipeLdkStorage } from '../../utils/lightning';
-import { getSelectedWallet } from '../../utils/wallet';
+import { getOnChainWallet, getSelectedWallet } from '../../utils/wallet';
 import { TWalletName } from '../types/wallet';
 import { __E2E__ } from '../../constants/env';
 
@@ -31,6 +31,12 @@ export const wipeApp = async ({
 	restartApp?: boolean;
 } = {}): Promise<Result<string>> => {
 	try {
+		// stop onchain wallet if it exists
+		try {
+			const wallet = getOnChainWallet();
+			await wallet.stop();
+		} catch (e) {}
+
 		// Reset Redux stores & persisted storage
 		dispatch({ type: actions.WIPE_APP });
 
diff --git a/src/utils/wallet/index.ts b/src/utils/wallet/index.ts
index a011434d5..2829d3eaa 100644
--- a/src/utils/wallet/index.ts
+++ b/src/utils/wallet/index.ts
@@ -1108,14 +1108,8 @@ export const setupOnChainWallet = async ({
 	addressTypesToMonitor?: EAddressType[];
 	gapLimitOptions?: TGapLimitOptions;
 }): Promise<Result<Wallet>> => {
-	// Disconnect from Electrum before setting up a new wallet
-	if (globalWallet) {
-		// If wallet refresh is in progress, wait for it to complete
-		if (globalWallet.isRefreshing) {
-			await globalWallet.refreshWallet();
-		}
-		await globalWallet.electrum?.disconnect();
-	}
+	// if wallet alrady exists, prepare it to be re-created
+	await globalWallet?.stop();
 
 	if (!mnemonic) {
 		const mnemonicRes = await getMnemonicPhrase(name);
diff --git a/yarn.lock b/yarn.lock
index ddc035afd..73b967107 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -6351,9 +6351,9 @@ __metadata:
   languageName: node
   linkType: hard
 
-"beignet@npm:0.0.48":
-  version: 0.0.48
-  resolution: "beignet@npm:0.0.48"
+"beignet@npm:0.0.49":
+  version: 0.0.49
+  resolution: "beignet@npm:0.0.49"
   dependencies:
     "@bitcoinerlab/secp256k1": 1.0.5
     bech32: 2.0.0
@@ -6367,7 +6367,7 @@ __metadata:
     lodash.clonedeep: 4.5.0
     net: 1.0.2
     rn-electrum-client: 0.0.18
-  checksum: 4aab9ec50b339bde6ef291fc9e9a2e6845f6f7bac9a07be292cfc0eaac5bcd387ed08d5a54e416f476a40d332cf6a1946c028387eba76a0e81890e33b5e73615
+  checksum: fef6246edf066cb1dad9a3969d10e7a5497524aa9220fab24b3a11cb0644d04b23bddab48912b9485e67b7b58c58e3da951fa5e349c92a5121a042663def0280
   languageName: node
   linkType: hard
 
@@ -6612,7 +6612,7 @@ __metadata:
     babel-jest: ^29.7.0
     babel-plugin-transform-remove-console: ^6.9.4
     bech32: 2.0.0
-    beignet: 0.0.48
+    beignet: 0.0.49
     bip21: 2.0.3
     bip32: 4.0.0
     bitcoin-address-validation: 2.2.3