diff --git a/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch b/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch
new file mode 100644
index 000000000000..eb2684b678b7
Binary files /dev/null and b/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch differ
diff --git a/app/scripts/migrations/120.2.test.ts b/app/scripts/migrations/120.2.test.ts
new file mode 100644
index 000000000000..903c706ff665
--- /dev/null
+++ b/app/scripts/migrations/120.2.test.ts
@@ -0,0 +1,253 @@
+import { cloneDeep } from 'lodash';
+import { migrate, version } from './120.2';
+
+const sentryCaptureExceptionMock = jest.fn();
+
+global.sentry = {
+  captureException: sentryCaptureExceptionMock,
+};
+
+const oldVersion = 120.1;
+
+describe('migration #120.2', () => {
+  afterEach(() => {
+    jest.resetAllMocks();
+  });
+
+  it('updates the version metadata', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {},
+    };
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.meta).toStrictEqual({ version });
+  });
+
+  it('returns state unchanged if TransactionController state is missing', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('reports error and returns state unchanged if TransactionController state is invalid', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: 'invalid',
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(sentryCaptureExceptionMock).toHaveBeenCalledWith(
+      `Migration ${version}: Invalid TransactionController state of type 'string'`,
+    );
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('returns state unchanged if transactions are missing', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {},
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('reports error and returns state unchanged if transactions property is invalid', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: 'invalid',
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(sentryCaptureExceptionMock).toHaveBeenCalledWith(
+      `Migration ${version}: Invalid TransactionController transactions state of type 'string'`,
+    );
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('reports error and returns state unchanged if there is an invalid transaction', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: [
+            {}, // empty object is valid for the purposes of this migration
+            'invalid',
+            {},
+          ],
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(sentryCaptureExceptionMock).toHaveBeenCalledWith(
+      `Migration ${version}: Invalid transaction of type 'string'`,
+    );
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('reports error and returns state unchanged if there is a transaction with an invalid history property', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: [
+            {}, // empty object is valid for the purposes of this migration
+            {
+              history: 'invalid',
+            },
+            {},
+          ],
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(sentryCaptureExceptionMock).toHaveBeenCalledWith(
+      `Migration ${version}: Invalid transaction history of type 'string'`,
+    );
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('returns state unchanged if there are no transactions', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: [],
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('returns state unchanged if there are no transactions with history', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: [{}, {}, {}],
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('returns state unchanged if there are no transactions with history exceeding max size', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: [
+            {
+              history: [...Array(99).keys()],
+            },
+            {
+              history: [...Array(100).keys()],
+            },
+            {
+              history: [],
+            },
+          ],
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.data).toStrictEqual(oldStorageDataClone);
+  });
+
+  it('trims histories exceeding max size', async () => {
+    const oldStorage = {
+      meta: { version: oldVersion },
+      data: {
+        PreferencesController: {},
+        TransactionController: {
+          transactions: [
+            {
+              history: [...Array(99).keys()],
+            },
+            {
+              history: [...Array(100).keys()],
+            },
+            {
+              history: [...Array(101).keys()],
+            },
+            {
+              history: [...Array(1000).keys()],
+            },
+          ],
+        },
+      },
+    };
+    const oldStorageDataClone = cloneDeep(oldStorage.data);
+
+    const newStorage = await migrate(oldStorage);
+
+    expect(newStorage.data).toStrictEqual({
+      ...oldStorageDataClone,
+      TransactionController: {
+        transactions: [
+          {
+            history: [...Array(99).keys()],
+          },
+          {
+            history: [...Array(100).keys()],
+          },
+          {
+            history: [...Array(100).keys()],
+          },
+          {
+            history: [...Array(100).keys()],
+          },
+        ],
+      },
+    });
+  });
+});
diff --git a/app/scripts/migrations/120.2.ts b/app/scripts/migrations/120.2.ts
new file mode 100644
index 000000000000..62846e37db85
--- /dev/null
+++ b/app/scripts/migrations/120.2.ts
@@ -0,0 +1,110 @@
+import { RuntimeObject, hasProperty, isObject } from '@metamask/utils';
+import { cloneDeep } from 'lodash';
+import log from 'loglevel';
+
+type VersionedData = {
+  meta: { version: number };
+  data: Record<string, unknown>;
+};
+
+export const version = 120.2;
+
+/**
+ * This migration trims the size of any large transaction histories. This will
+ * result in some loss of information, but the impact is minor. The lost data
+ * is only used in the "Activity log" on the transaction details page.
+ *
+ * @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>) {
+  if (!hasProperty(state, 'TransactionController')) {
+    log.warn(`Migration ${version}: Missing TransactionController state`);
+    return state;
+  } else if (!isObject(state.TransactionController)) {
+    global.sentry?.captureException(
+      `Migration ${version}: Invalid TransactionController state of type '${typeof state.TransactionController}'`,
+    );
+    return state;
+  }
+
+  const transactionControllerState = state.TransactionController;
+
+  if (!hasProperty(transactionControllerState, 'transactions')) {
+    log.warn(
+      `Migration ${version}: Missing TransactionController transactions`,
+    );
+    return state;
+  } else if (!Array.isArray(transactionControllerState.transactions)) {
+    global.sentry?.captureException(
+      `Migration ${version}: Invalid TransactionController transactions state of type '${typeof transactionControllerState.transactions}'`,
+    );
+    return state;
+  }
+
+  const validTransactions =
+    transactionControllerState.transactions.filter(isObject);
+  if (
+    transactionControllerState.transactions.length !== validTransactions.length
+  ) {
+    const invalidTransaction = transactionControllerState.transactions.find(
+      (transaction) => !isObject(transaction),
+    );
+    global.sentry?.captureException(
+      `Migration ${version}: Invalid transaction of type '${typeof invalidTransaction}'`,
+    );
+    return state;
+  }
+
+  const validHistoryTransactions = validTransactions.filter(
+    hasValidTransactionHistory,
+  );
+  if (validHistoryTransactions.length !== validTransactions.length) {
+    const invalidTransaction = validTransactions.find(
+      (transaction) => !hasValidTransactionHistory(transaction),
+    );
+    global.sentry?.captureException(
+      `Migration ${version}: Invalid transaction history of type '${typeof invalidTransaction?.history}'`,
+    );
+    return state;
+  }
+
+  for (const transaction of validHistoryTransactions) {
+    if (transaction.history && transaction.history.length > 100) {
+      transaction.history = transaction.history.slice(0, 100);
+    }
+  }
+
+  return state;
+}
+
+/**
+ * Check whether the given object has a valid `history` property, or no `history`
+ * property. We just check that it's an array, we don't validate the contents.
+ *
+ * @param transaction - The object to validate.
+ * @returns True if the given object was valid, false otherwise.
+ */
+function hasValidTransactionHistory(
+  transaction: RuntimeObject,
+): transaction is RuntimeObject & {
+  history: undefined | unknown[];
+} {
+  return (
+    !hasProperty(transaction, 'history') || Array.isArray(transaction.history)
+  );
+}
diff --git a/app/scripts/migrations/120.test.ts b/app/scripts/migrations/120.test.ts
index 3c7fd5b6b74a..cc6b149ddd96 100644
--- a/app/scripts/migrations/120.test.ts
+++ b/app/scripts/migrations/120.test.ts
@@ -1,6 +1,6 @@
 import { migrate, version } from './120';
 
-const oldVersion = 119;
+const oldVersion = 120.2;
 
 describe('migration #120', () => {
   afterEach(() => jest.resetAllMocks());
diff --git a/package.json b/package.json
index 6209651f8d45..9b8b6d1b62cf 100644
--- a/package.json
+++ b/package.json
@@ -224,7 +224,7 @@
     "@trezor/schema-utils@npm:1.0.2": "patch:@trezor/schema-utils@npm%3A1.0.2#~/.yarn/patches/@trezor-schema-utils-npm-1.0.2-7dd48689b2.patch",
     "lavamoat-core@npm:^15.1.1": "patch:lavamoat-core@npm%3A15.1.1#~/.yarn/patches/lavamoat-core-npm-15.1.1-51fbe39988.patch",
     "@metamask/snaps-sdk": "^5.0.0",
-    "@metamask/transaction-controller": "^32.0.0",
+    "@metamask/transaction-controller": "patch:@metamask/transaction-controller@npm%3A32.0.0#~/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch",
     "@babel/runtime@npm:^7.7.6": "patch:@babel/runtime@npm%3A7.24.0#~/.yarn/patches/@babel-runtime-npm-7.24.0-7eb1dd11a2.patch",
     "@babel/runtime@npm:^7.9.2": "patch:@babel/runtime@npm%3A7.24.0#~/.yarn/patches/@babel-runtime-npm-7.24.0-7eb1dd11a2.patch",
     "@babel/runtime@npm:^7.12.5": "patch:@babel/runtime@npm%3A7.24.0#~/.yarn/patches/@babel-runtime-npm-7.24.0-7eb1dd11a2.patch",
@@ -350,7 +350,7 @@
     "@metamask/snaps-rpc-methods": "^9.1.3",
     "@metamask/snaps-sdk": "^5.0.0",
     "@metamask/snaps-utils": "patch:@metamask/snaps-utils@npm%3A7.6.0#~/.yarn/patches/@metamask-snaps-utils-npm-7.6.0-5569b09766.patch",
-    "@metamask/transaction-controller": "^32.0.0",
+    "@metamask/transaction-controller": "patch:@metamask/transaction-controller@npm%3A32.0.0#~/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch",
     "@metamask/user-operation-controller": "^10.0.0",
     "@metamask/utils": "^8.2.1",
     "@ngraveio/bc-ur": "^1.1.12",
diff --git a/yarn.lock b/yarn.lock
index 524fc37f06aa..8eb6ff293d65 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -6434,7 +6434,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/transaction-controller@npm:^32.0.0":
+"@metamask/transaction-controller@npm:32.0.0":
   version: 32.0.0
   resolution: "@metamask/transaction-controller@npm:32.0.0"
   dependencies:
@@ -6469,6 +6469,41 @@ __metadata:
   languageName: node
   linkType: hard
 
+"@metamask/transaction-controller@patch:@metamask/transaction-controller@npm%3A32.0.0#~/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch":
+  version: 32.0.0
+  resolution: "@metamask/transaction-controller@patch:@metamask/transaction-controller@npm%3A32.0.0#~/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch::version=32.0.0&hash=27b27a"
+  dependencies:
+    "@ethereumjs/common": "npm:^3.2.0"
+    "@ethereumjs/tx": "npm:^4.2.0"
+    "@ethereumjs/util": "npm:^8.1.0"
+    "@ethersproject/abi": "npm:^5.7.0"
+    "@ethersproject/contracts": "npm:^5.7.0"
+    "@ethersproject/providers": "npm:^5.7.0"
+    "@metamask/approval-controller": "npm:^7.0.0"
+    "@metamask/base-controller": "npm:^6.0.0"
+    "@metamask/controller-utils": "npm:^11.0.0"
+    "@metamask/eth-query": "npm:^4.0.0"
+    "@metamask/gas-fee-controller": "npm:^17.0.0"
+    "@metamask/metamask-eth-abis": "npm:^3.1.1"
+    "@metamask/network-controller": "npm:^19.0.0"
+    "@metamask/nonce-tracker": "npm:^5.0.0"
+    "@metamask/rpc-errors": "npm:^6.2.1"
+    "@metamask/utils": "npm:^8.3.0"
+    async-mutex: "npm:^0.5.0"
+    bn.js: "npm:^5.2.1"
+    eth-method-registry: "npm:^4.0.0"
+    fast-json-patch: "npm:^3.1.1"
+    lodash: "npm:^4.17.21"
+    uuid: "npm:^8.3.2"
+  peerDependencies:
+    "@babel/runtime": ^7.23.9
+    "@metamask/approval-controller": ^7.0.0
+    "@metamask/gas-fee-controller": ^17.0.0
+    "@metamask/network-controller": ^19.0.0
+  checksum: 10/f8e1907ed697406fc1af7dca3627e5d28f213a3b4875258ec58abdaa0ae48c4714ad79face61519ab1f3475e6aa57e8c80c9622e2eb18f65b1cd5b123962e5ea
+  languageName: node
+  linkType: hard
+
 "@metamask/user-operation-controller@npm:^10.0.0":
   version: 10.0.0
   resolution: "@metamask/user-operation-controller@npm:10.0.0"
@@ -24959,7 +24994,7 @@ __metadata:
     "@metamask/snaps-utils": "patch:@metamask/snaps-utils@npm%3A7.6.0#~/.yarn/patches/@metamask-snaps-utils-npm-7.6.0-5569b09766.patch"
     "@metamask/test-bundler": "npm:^1.0.0"
     "@metamask/test-dapp": "npm:^8.4.0"
-    "@metamask/transaction-controller": "npm:^32.0.0"
+    "@metamask/transaction-controller": "patch:@metamask/transaction-controller@npm%3A32.0.0#~/.yarn/patches/@metamask-transaction-controller-npm-32.0.0-e23c2c3443.patch"
     "@metamask/user-operation-controller": "npm:^10.0.0"
     "@metamask/utils": "npm:^8.2.1"
     "@ngraveio/bc-ur": "npm:^1.1.12"