diff --git a/torba/torba/client/baseaccount.py b/torba/torba/client/baseaccount.py
index 4002625df..d5fd71a07 100644
--- a/torba/torba/client/baseaccount.py
+++ b/torba/torba/client/baseaccount.py
@@ -363,6 +363,7 @@ class BaseAccount:
             # failed to remove padding, password is wrong
             return False
         if not private_key_string:
+            self.private_key_string = ""
             self.private_key = None
             return True
         try: