diff --git a/app/scripts/migrations/126.1.test.ts b/app/scripts/migrations/126.1.test.ts
new file mode 100644
index 000000000000..0d21a675ebcc
--- /dev/null
+++ b/app/scripts/migrations/126.1.test.ts
@@ -0,0 +1,142 @@
+import { migrate, version } from './126.1';
+
+const oldVersion = 126.1;
+
+const mockPhishingListMetaMask = {
+  allowlist: [],
+  blocklist: ['malicious1.com'],
+  c2DomainBlocklist: ['malicious2.com'],
+  fuzzylist: [],
+  tolerance: 0,
+  version: 1,
+  lastUpdated: Date.now(),
+  name: 'MetaMask',
+};
+
+const mockPhishingListPhishfort = {
+  allowlist: [],
+  blocklist: ['phishfort1.com'],
+  c2DomainBlocklist: ['phishfort2.com'],
+  fuzzylist: [],
+  tolerance: 0,
+  version: 1,
+  lastUpdated: Date.now(),
+  name: 'Phishfort',
+};
+
+describe(`migration #${version}`, () => {
+  it('updates the version metadata', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {},
+    };
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.meta).toStrictEqual({ version });
+  });
+
+  it('keeps only the MetaMask phishing list in PhishingControllerState', async () => {
+    const oldState = {
+      PhishingController: {
+        phishingLists: [mockPhishingListMetaMask, mockPhishingListPhishfort],
+        whitelist: [],
+        hotlistLastFetched: 0,
+        stalelistLastFetched: 0,
+        c2DomainBlocklistLastFetched: 0,
+      },
+    };
+
+    const transformedState = await migrate({
+      meta: { version: oldVersion },
+      data: oldState,
+    });
+
+    const updatedPhishingController = transformedState.data
+      .PhishingController as Record<string, unknown>;
+
+    expect(updatedPhishingController.phishingLists).toStrictEqual([
+      mockPhishingListMetaMask,
+    ]);
+  });
+
+  it('removes all phishing lists if MetaMask is not present', async () => {
+    const oldState = {
+      PhishingController: {
+        phishingLists: [mockPhishingListPhishfort],
+        whitelist: [],
+        hotlistLastFetched: 0,
+        stalelistLastFetched: 0,
+        c2DomainBlocklistLastFetched: 0,
+      },
+    };
+
+    const transformedState = await migrate({
+      meta: { version: oldVersion },
+      data: oldState,
+    });
+
+    const updatedPhishingController = transformedState.data
+      .PhishingController as Record<string, unknown>;
+
+    expect(updatedPhishingController.phishingLists).toStrictEqual([]);
+  });
+
+  it('does nothing if PhishingControllerState is empty', async () => {
+    const oldState = {
+      PhishingController: {
+        phishingLists: [],
+        whitelist: [],
+        hotlistLastFetched: 0,
+        stalelistLastFetched: 0,
+        c2DomainBlocklistLastFetched: 0,
+      },
+    };
+
+    const transformedState = await migrate({
+      meta: { version: oldVersion },
+      data: oldState,
+    });
+
+    const updatedPhishingController = transformedState.data
+      .PhishingController as Record<string, unknown>;
+
+    expect(updatedPhishingController.phishingLists).toStrictEqual([]);
+  });
+
+  it('does nothing if PhishingController is not in the state', async () => {
+    const oldState = {
+      NetworkController: {
+        providerConfig: {
+          chainId: '0x1',
+        },
+      },
+    };
+
+    const transformedState = await migrate({
+      meta: { version: oldVersion },
+      data: oldState,
+    });
+
+    expect(transformedState.data).toStrictEqual(oldState);
+  });
+
+  it('does nothing if phishingLists is not an array (null)', async () => {
+    const oldState: Record<string, unknown> = {
+      PhishingController: {
+        phishingLists: null,
+        whitelist: [],
+        hotlistLastFetched: 0,
+        stalelistLastFetched: 0,
+        c2DomainBlocklistLastFetched: 0,
+      },
+    };
+
+    const transformedState = await migrate({
+      meta: { version: oldVersion },
+      data: oldState,
+    });
+
+    expect(transformedState.data).toStrictEqual(oldState);
+  });
+});
diff --git a/app/scripts/migrations/126.1.ts b/app/scripts/migrations/126.1.ts
new file mode 100644
index 000000000000..81e609e672f1
--- /dev/null
+++ b/app/scripts/migrations/126.1.ts
@@ -0,0 +1,54 @@
+import { hasProperty, isObject } from '@metamask/utils';
+import { cloneDeep } from 'lodash';
+
+type VersionedData = {
+  meta: { version: number };
+  data: Record<string, unknown>;
+};
+
+export const version = 126.1;
+
+/**
+ * This migration removes `providerConfig` from the network controller state.
+ *
+ * @param originalVersionedData - Versioned MetaMask extension state, exactly what we persist to dist.
+ * @param originalVersionedData.meta - State metadata.
+ * @param originalVersionedData.meta.version - The current state version.
+ * @param originalVersionedData.data - The persisted MetaMask state, keyed by controller.
+ * @returns Updated versioned MetaMask extension state.
+ */
+export async function migrate(
+  originalVersionedData: VersionedData,
+): Promise<VersionedData> {
+  const versionedData = cloneDeep(originalVersionedData);
+  versionedData.meta.version = version;
+  transformState(versionedData.data);
+  return versionedData;
+}
+
+function transformState(
+  state: Record<string, unknown>,
+): Record<string, unknown> {
+  if (
+    hasProperty(state, 'PhishingController') &&
+    isObject(state.PhishingController) &&
+    hasProperty(state.PhishingController, 'phishingLists')
+  ) {
+    const phishingController = state.PhishingController;
+
+    if (!Array.isArray(phishingController.phishingLists)) {
+      console.error(
+        `Migration ${version}: Invalid PhishingController.phishingLists state`,
+      );
+      return state;
+    }
+
+    phishingController.phishingLists = phishingController.phishingLists.filter(
+      (list) => list.name === 'MetaMask',
+    );
+
+    state.PhishingController = phishingController;
+  }
+
+  return state;
+}
diff --git a/app/scripts/migrations/index.js b/app/scripts/migrations/index.js
index e5cfb6218019..119dfd79ede1 100644
--- a/app/scripts/migrations/index.js
+++ b/app/scripts/migrations/index.js
@@ -146,6 +146,7 @@ const migrations = [
   require('./125'),
   require('./125.1'),
   require('./126'),
+  require('./126.1'),
 ];
 
 export default migrations;