diff --git a/src/assets/AccountTrackerController.test.ts b/src/assets/AccountTrackerController.test.ts
index f82204053ef..8500d5b566c 100644
--- a/src/assets/AccountTrackerController.test.ts
+++ b/src/assets/AccountTrackerController.test.ts
@@ -1,28 +1,39 @@
 import { stub, spy } from 'sinon';
 import HttpProvider from 'ethjs-provider-http';
 import type { ContactEntry } from '../user/AddressBookController';
-import PreferencesController from '../user/PreferencesController';
+import { PreferencesController } from '../user/PreferencesController';
 import AccountTrackerController from './AccountTrackerController';
 
 const provider = new HttpProvider('https://ropsten.infura.io/v3/341eacb578dd44a1a049cbc5f6fd4035');
 
 describe('AccountTrackerController', () => {
   it('should set default state', () => {
-    const controller = new AccountTrackerController({ onPreferencesStateChange: stub(), initialIdentities: {} });
+    const controller = new AccountTrackerController({
+      onPreferencesStateChange: stub(),
+      getIdentities: () => ({}),
+    });
     expect(controller.state).toEqual({
       accounts: {},
     });
   });
 
   it('should throw when provider property is accessed', () => {
-    const controller = new AccountTrackerController({ onPreferencesStateChange: stub(), initialIdentities: {} });
+    const controller = new AccountTrackerController({
+      onPreferencesStateChange: stub(),
+      getIdentities: () => ({}),
+    });
     expect(() => console.log(controller.provider)).toThrow('Property only used for setting');
   });
 
   it('should get real balance', async () => {
     const address = '0xc38bf1ad06ef69f0c04e29dbeb4152b4175f0a8d';
     const controller = new AccountTrackerController(
-      { onPreferencesStateChange: stub(), initialIdentities: { [address]: {} as ContactEntry } },
+      {
+        onPreferencesStateChange: stub(),
+        getIdentities: () => {
+          return { [address]: {} as ContactEntry };
+        },
+      },
       { provider },
     );
     await controller.refresh();
@@ -31,7 +42,12 @@ describe('AccountTrackerController', () => {
 
   it('should sync addresses', () => {
     const controller = new AccountTrackerController(
-      { onPreferencesStateChange: stub(), initialIdentities: { baz: {} as ContactEntry } },
+      {
+        onPreferencesStateChange: stub(),
+        getIdentities: () => {
+          return { baz: {} as ContactEntry };
+        },
+      },
       { provider },
       {
         accounts: {
@@ -47,7 +63,10 @@ describe('AccountTrackerController', () => {
   it('should subscribe to new sibling preference controllers', async () => {
     const preferences = new PreferencesController();
     const controller = new AccountTrackerController(
-      { onPreferencesStateChange: (listener) => preferences.subscribe(listener), initialIdentities: {} },
+      {
+        onPreferencesStateChange: (listener) => preferences.subscribe(listener),
+        getIdentities: () => ({}),
+      },
       { provider },
     );
     controller.refresh = stub();
@@ -63,7 +82,7 @@ describe('AccountTrackerController', () => {
       const controller = new AccountTrackerController(
         {
           onPreferencesStateChange: (listener) => preferences.subscribe(listener),
-          initialIdentities: {},
+          getIdentities: () => ({}),
         },
         { provider, interval: 100 },
       );
diff --git a/src/assets/AccountTrackerController.ts b/src/assets/AccountTrackerController.ts
index 707b3cf2184..e3420351442 100644
--- a/src/assets/AccountTrackerController.ts
+++ b/src/assets/AccountTrackerController.ts
@@ -50,7 +50,7 @@ export class AccountTrackerController extends BaseController<AccountTrackerConfi
 
   private syncAccounts() {
     const { accounts } = this.state;
-    const addresses = Object.keys(this.identities);
+    const addresses = Object.keys(this.getIdentities());
     const existing = Object.keys(accounts);
     const newAddresses = addresses.filter((address) => existing.indexOf(address) === -1);
     const oldAddresses = existing.filter((address) => addresses.indexOf(address) === -1);
@@ -68,24 +68,24 @@ export class AccountTrackerController extends BaseController<AccountTrackerConfi
    */
   name = 'AccountTrackerController';
 
-  private identities: PreferencesState['identities'];
+  private getIdentities: () => PreferencesState['identities'];
 
   /**
    * Creates an AccountTracker instance
    *
    * @param options
    * @param options.onPreferencesStateChange - Allows subscribing to preference controller state changes
-   * @param options.initialIdentities - The initial `identities` state from the Preferences controller
+   * @param options.getIdentities - Gets the identities from the Preferences store
    * @param config - Initial options used to configure this controller
    * @param state - Initial state to set on this controller
    */
   constructor(
     {
       onPreferencesStateChange,
-      initialIdentities,
+      getIdentities,
     }: {
       onPreferencesStateChange: (listener: (preferencesState: PreferencesState) => void) => void;
-      initialIdentities: PreferencesState['identities'];
+      getIdentities: () => PreferencesState['identities'];
     },
     config?: Partial<AccountTrackerConfig>,
     state?: Partial<AccountTrackerState>,
@@ -96,9 +96,8 @@ export class AccountTrackerController extends BaseController<AccountTrackerConfi
     };
     this.defaultState = { accounts: {} };
     this.initialize();
-    this.identities = initialIdentities;
-    onPreferencesStateChange(({ identities }) => {
-      this.identities = identities;
+    this.getIdentities = getIdentities;
+    onPreferencesStateChange(() => {
       this.refresh();
     });
     this.poll();
diff --git a/src/user/PreferencesController.ts b/src/user/PreferencesController.ts
index 4d952770cf4..076156c7b2f 100644
--- a/src/user/PreferencesController.ts
+++ b/src/user/PreferencesController.ts
@@ -47,7 +47,6 @@ export interface PreferencesState extends BaseState {
   lostIdentities: { [address: string]: ContactEntry };
   selectedAddress: string;
 }
-
 /**
  * Controller that stores shared settings and exposes convenience methods
  */