diff --git a/CHANGES.md b/CHANGES.md
index 68ce5d14718c7ac838c190a17d4f5482eec958c3..df01178971ca68ec3ecbfa235c3d68a808ee7279 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,12 @@
+Synapse 0.33.3rc2 (2018-08-21)
+==============================
+
+Bugfixes
+--------
+
+- Fix bug in v0.33.3rc1 which caused infinite loops and OOMs ([\#3723](https://github.com/matrix-org/synapse/issues/3723))
+
+
 Synapse 0.33.3rc1 (2018-08-21)
 ==============================
 
diff --git a/changelog.d/3723.bugfix b/changelog.d/3723.bugfix
deleted file mode 100644
index 7c21083691f3cecb283796d8455fcdbfebd93800..0000000000000000000000000000000000000000
--- a/changelog.d/3723.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix bug in v0.33.3rc1 which caused infinite loops and OOMs
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 5175a1161d5a3f41b3db3997c3a289d41f2e10f4..252c49ca821c947556c3953a73027d5d27b6ec2d 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -17,4 +17,4 @@
 """ This is a reference implementation of a Matrix home server.
 """
 
-__version__ = "0.33.3rc1"
+__version__ = "0.33.3rc2"