diff --git a/src/interfaces.cairo b/src/interfaces.cairo
index 5696a43..71d3fe0 100644
--- a/src/interfaces.cairo
+++ b/src/interfaces.cairo
@@ -190,6 +190,16 @@ trait IZToken<TContractState> {
     /// Returns the actual amount transferred.
     fn transfer_all(ref self: TContractState, recipient: ContractAddress) -> felt252;
 
+    /// Emits raw balances of a list of users via the `EchoRawBalance` event.
+    ///
+    /// This function (and the event) exists as there used to be a bug in this contract where the
+    /// `RawTransfer` event was missing in some cases, making it impossible to track accurate raw
+    /// balances using `RawTransfer`. The bug itself has been fixed but the `RawTransfer` history of
+    /// users before the fix is broken. This event enables indexers to calibrate raw balances. Once
+    /// deployed, this event must be emitted for any user who has ever placed a deposit before the
+    /// contract upgrade.
+    fn echo_raw_balances(ref self: TContractState, users: Span<ContractAddress>);
+
     //
     // Permissioned entrypoints
     //
diff --git a/src/z_token.cairo b/src/z_token.cairo
index 860756e..e21b06c 100644
--- a/src/z_token.cairo
+++ b/src/z_token.cairo
@@ -6,6 +6,7 @@ mod errors;
 
 #[starknet::contract]
 mod ZToken {
+    use core::array::SpanTrait;
     use starknet::{ClassHash, ContractAddress};
 
     // Hack to simulate the `crate` keyword
@@ -35,6 +36,7 @@ mod ZToken {
         Transfer: Transfer,
         Approval: Approval,
         RawTransfer: RawTransfer,
+        EchoRawBalance: EchoRawBalance,
         ContractUpgraded: ContractUpgraded,
         OwnershipTransferred: OwnershipTransferred,
     }
@@ -62,6 +64,12 @@ mod ZToken {
         face_value: felt252,
     }
 
+    #[derive(Drop, PartialEq, starknet::Event)]
+    struct EchoRawBalance {
+        user: ContractAddress,
+        raw_balance: felt252,
+    }
+
     #[derive(Drop, PartialEq, starknet::Event)]
     struct ContractUpgraded {
         new_class_hash: ClassHash,
@@ -178,6 +186,10 @@ mod ZToken {
             external::transfer_all(ref self, recipient)
         }
 
+        fn echo_raw_balances(ref self: ContractState, mut users: Span<ContractAddress>) {
+            external::echo_raw_balances(ref self, users)
+        }
+
         fn upgrade(ref self: ContractState, new_implementation: ClassHash) {
             external::upgrade(ref self, new_implementation)
         }
diff --git a/src/z_token/external.cairo b/src/z_token/external.cairo
index 2bf4411..4ff1a4b 100644
--- a/src/z_token/external.cairo
+++ b/src/z_token/external.cairo
@@ -167,6 +167,20 @@ fn transfer_all(ref self: ContractState, recipient: ContractAddress) -> felt252
     transferred_amount
 }
 
+fn echo_raw_balances(ref self: ContractState, mut users: Span<ContractAddress>) {
+    while let Option::Some(user) = users
+        .pop_front() {
+            self
+                .emit(
+                    contract::Event::EchoRawBalance(
+                        contract::EchoRawBalance {
+                            user: *user, raw_balance: self.raw_balances.read(*user)
+                        }
+                    )
+                );
+        };
+}
+
 fn upgrade(ref self: ContractState, new_implementation: ClassHash) {
     ownable::assert_only_owner(@self);
     replace_class_syscall(new_implementation).unwrap_syscall();