diff --git a/swap/src/xmr_first_protocol/transactions/emergency_refund.rs b/swap/src/xmr_first_protocol/transactions/emergency_refund.rs
new file mode 100644
index 00000000..8f59f4f1
--- /dev/null
+++ b/swap/src/xmr_first_protocol/transactions/emergency_refund.rs
@@ -0,0 +1,155 @@
+use crate::bitcoin::wallet::Watchable;
+use crate::bitcoin::{
+    verify_encsig, verify_sig, Address, EmptyWitnessStack, EncryptedSignature, NoInputs,
+    NotThreeWitnesses, PublicKey, SecretKey, TooManyInputs, Transaction,
+};
+use crate::xmr_first_protocol::transactions::btc_lock::BtcLock;
+use ::bitcoin::util::bip143::SigHashCache;
+use ::bitcoin::{SigHash, SigHashType, Txid};
+use anyhow::{bail, Context, Result};
+use bitcoin::Script;
+use ecdsa_fun::adaptor::{Adaptor, HashTranscript};
+use ecdsa_fun::fun::Scalar;
+use ecdsa_fun::nonce::Deterministic;
+use ecdsa_fun::Signature;
+use miniscript::{Descriptor, DescriptorTrait};
+use sha2::Sha256;
+use std::collections::HashMap;
+
+#[derive(Clone, Debug)]
+pub struct EmergencyRefund {
+    inner: Transaction,
+    digest: SigHash,
+    lock_output_descriptor: Descriptor<::bitcoin::PublicKey>,
+    watch_script: Script,
+}
+
+impl EmergencyRefund {
+    pub fn new(tx_lock: &BtcLock, redeem_address: &Address) -> Self {
+        // lock_input is the shared output that is now being used as an input for the
+        // redeem transaction
+        let tx_redeem = tx_lock.build_spend_transaction(redeem_address, None);
+
+        let digest = SigHashCache::new(&tx_redeem).signature_hash(
+            0, // Only one input: lock_input (lock transaction)
+            &tx_lock.output_descriptor.script_code(),
+            tx_lock.lock_amount().as_sat(),
+            SigHashType::All,
+        );
+
+        Self {
+            inner: tx_redeem,
+            digest,
+            lock_output_descriptor: tx_lock.output_descriptor.clone(),
+            watch_script: redeem_address.script_pubkey(),
+        }
+    }
+
+    pub fn txid(&self) -> Txid {
+        self.inner.txid()
+    }
+
+    pub fn digest(&self) -> SigHash {
+        self.digest
+    }
+
+    pub fn encsig(
+        &self,
+        b: SecretKey,
+        S_a_bitcoin: PublicKey,
+    ) -> crate::bitcoin::EncryptedSignature {
+        b.encsign(S_a_bitcoin, self.digest())
+    }
+
+    pub fn complete(
+        mut self,
+        a: SecretKey,
+        s_a: Scalar,
+        B: PublicKey,
+        encrypted_signature: EncryptedSignature,
+    ) -> Result<Transaction> {
+        verify_encsig(
+            B,
+            PublicKey::from(s_a.clone()),
+            &self.digest(),
+            &encrypted_signature,
+        )
+        .context("Invalid encrypted signature received")?;
+
+        let sig_a = a.sign(self.digest());
+        let adaptor = Adaptor::<HashTranscript<Sha256>, Deterministic<Sha256>>::default();
+        let sig_b = adaptor.decrypt_signature(&s_a, encrypted_signature);
+
+        let satisfier = {
+            let mut satisfier = HashMap::with_capacity(2);
+
+            let A = ::bitcoin::PublicKey {
+                compressed: true,
+                key: a.public.into(),
+            };
+            let B = ::bitcoin::PublicKey {
+                compressed: true,
+                key: B.0.into(),
+            };
+
+            // The order in which these are inserted doesn't matter
+            satisfier.insert(A, (sig_a.into(), ::bitcoin::SigHashType::All));
+            satisfier.insert(B, (sig_b.into(), ::bitcoin::SigHashType::All));
+
+            satisfier
+        };
+
+        self.lock_output_descriptor
+            .satisfy(&mut self.inner.input[0], satisfier)
+            .context("Failed to sign Bitcoin redeem transaction")?;
+
+        Ok(self.inner)
+    }
+
+    pub fn extract_signature_by_key(
+        &self,
+        candidate_transaction: Transaction,
+        B: PublicKey,
+    ) -> Result<Signature> {
+        let input = match candidate_transaction.input.as_slice() {
+            [input] => input,
+            [] => bail!("no inputs"),
+            [inputs @ ..] => bail!("too many inputs"),
+        };
+
+        let sigs = match input
+            .witness
+            .iter()
+            .map(|vec| vec.as_slice())
+            .collect::<Vec<_>>()
+            .as_slice()
+        {
+            [sig_1, sig_2, _script] => [sig_1, sig_2]
+                .iter()
+                .map(|sig| {
+                    bitcoin::secp256k1::Signature::from_der(&sig[..sig.len() - 1])
+                        .map(Signature::from)
+                })
+                .collect::<std::result::Result<Vec<_>, _>>(),
+            [] => bail!("empty witness stack"),
+            [witnesses @ ..] => bail!("not three witnesses"),
+        }?;
+
+        let sig = sigs
+            .into_iter()
+            .find(|sig| verify_sig(&B, &self.digest(), &sig).is_ok())
+            .context("Neither signature on witness stack verifies against B")?;
+
+        Ok(sig)
+    }
+}
+
+impl Watchable for EmergencyRefund {
+    fn id(&self) -> Txid {
+        self.txid()
+    }
+
+    fn script(&self) -> Script {
+        self.watch_script.clone()
+    }
+}