diff --git a/electrum/lnchannel.py b/electrum/lnchannel.py
index fddae907b..ea47dec90 100644
--- a/electrum/lnchannel.py
+++ b/electrum/lnchannel.py
@@ -793,7 +793,7 @@ class Channel(AbstractChannel):
         self.node_id = bfh(state["node_id"])
         self.onion_keys = state['onion_keys']  # type: Dict[int, bytes]
         self.data_loss_protect_remote_pcp = state['data_loss_protect_remote_pcp']
-        self.hm = HTLCManager(log=state['log'], initial_feerate=initial_feerate)
+        self.hm = HTLCManager(log=state['log'], initiator = LOCAL if self.constraints.is_initiator else REMOTE, initial_feerate=initial_feerate)
         self.unfulfilled_htlcs = state["unfulfilled_htlcs"]  # type: Dict[int, Optional[str]]
         # ^ htlc_id -> onion_packet_hex
         self._state = ChannelState[state['state']]
diff --git a/electrum/lnhtlc.py b/electrum/lnhtlc.py
index 9a5950758..4ccaa48ff 100644
--- a/electrum/lnhtlc.py
+++ b/electrum/lnhtlc.py
@@ -10,7 +10,7 @@ if TYPE_CHECKING:
 
 class HTLCManager:
 
-    def __init__(self, log: 'StoredDict', *, initial_feerate=None):
+    def __init__(self, log: 'StoredDict', *, initiator=None, initial_feerate=None):
 
         if len(log) == 0:
             initial = {
@@ -32,9 +32,8 @@ class HTLCManager:
         # maybe bootstrap fee_updates if initial_feerate was provided
         if initial_feerate is not None:
             assert type(initial_feerate) is int
-            for sub in (LOCAL, REMOTE):
-                if not log[sub]['fee_updates']:
-                    log[sub]['fee_updates'][0] = FeeUpdate(rate=initial_feerate, ctn_local=0, ctn_remote=0)
+            assert initiator in [LOCAL, REMOTE]
+            log[initiator]['fee_updates'][0] = FeeUpdate(rate=initial_feerate, ctn_local=0, ctn_remote=0)
         self.log = log
 
         # We need a lock as many methods of HTLCManager are accessed by both the asyncio thread and the GUI.
@@ -595,9 +594,9 @@ class HTLCManager:
         """Return feerate (sat/kw) used in subject's commitment txn at ctn."""
         ctn = max(0, ctn)  # FIXME rm this
         # only one party can update fees; use length of logs to figure out which:
-        assert not (len(self.log[LOCAL]['fee_updates']) > 1 and len(self.log[REMOTE]['fee_updates']) > 1)
+        assert not (len(self.log[LOCAL]['fee_updates']) > 0 and len(self.log[REMOTE]['fee_updates']) > 0)
         fee_log = self.log[LOCAL]['fee_updates']  # type: Sequence[FeeUpdate]
-        if len(self.log[REMOTE]['fee_updates']) > 1:
+        if len(self.log[REMOTE]['fee_updates']) > 0:
             fee_log = self.log[REMOTE]['fee_updates']
         # binary search
         left = 0
diff --git a/electrum/wallet_db.py b/electrum/wallet_db.py
index dfb4bbb23..5e6a29d1b 100644
--- a/electrum/wallet_db.py
+++ b/electrum/wallet_db.py
@@ -69,7 +69,7 @@ class WalletUnfinished(WalletFileException):
 # seed_version is now used for the version of the wallet file
 OLD_SEED_VERSION = 4        # electrum versions < 2.0
 NEW_SEED_VERSION = 11       # electrum versions >= 2.0
-FINAL_SEED_VERSION = 66     # electrum >= 2.7 will set this to prevent
+FINAL_SEED_VERSION = 67     # electrum >= 2.7 will set this to prevent
                             # old versions from overwriting new format
 
 
@@ -238,6 +238,7 @@ class WalletDBUpgrader(Logger):
         self._convert_version_64()
         self._convert_version_65()
         self._convert_version_66()
+        self._convert_version_67()
         self.put('seed_version', FINAL_SEED_VERSION)  # just to be sure
 
     def _convert_wallet_type(self):
@@ -1332,6 +1333,18 @@ class WalletDBUpgrader(Logger):
         self.data['lightning_payments'] = new_payment_infos
         self.data['seed_version'] = 66
 
+    def _convert_version_67(self):
+        if not self._is_upgrade_method_needed(66, 66):
+            return
+        channels = self.data.get('channels', {})
+        for _key, chan in channels.items():
+            is_initiator = chan['constraints']['is_initiator']
+            key = '-1' if is_initiator else '1'
+            assert len(chan['log'][key]['fee_updates']) == 1, chan['log'][key]['fee_updates']
+            chan['log'][key]['fee_updates'] = {}
+        self.data['channels'] = channels
+        self.data['seed_version'] = 67
+
     def _convert_imported(self):
         if not self._is_upgrade_method_needed(0, 13):
             return