Shouldn't there be update for wallet right about now ?
You missed it
Phase 1 of the wallet update is complete!
This update is not mandatory but highly recommended.....
The following points have been adressed in this update:
phase 1: Checkpoints, stake modifiers and splash build error.
Increased version to 1.0.1.0 and updated minimum protocol version
I have tested this new build and it communicates with the old chain, you can send UTC from and to an un-updated wallet.
Once you delete everything except the wallet.dat file from the ultracoin folder, start the new client,the new client then updates the chain and the wallet
Step 1 : Type %appdata% in the windows search box (you see it when you click the start button)
Step 2 : Find the ultracoin folder
Step 3 : Copy the wallet.dat into a backup folder, do NOT delete or cut it!
Step 4 : Delete everything in the appdata/ultracoin, but DO NOT DELETE THE WALLET.DAT
Step 6 : Extract the folder from the download somewhere,now drag the Ultracoin-qt.exe from the new download into your normal wallet folder (not into the appdata/ultracoin folder but your wallet folder)
Step 7 : Click yes when it asks do you want to replace the file.
Step 8 : Start the wallet,it will now download the entire blockchain again (this will take some time).