diff --git a/CHANGES.md b/CHANGES.md
index 68ce5d1471..df01178971 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 7c21083691..0000000000
--- 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 5175a1161d..252c49ca82 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"