diff --git a/squeaknode/network/connection.py b/squeaknode/network/connection.py
index cd1fafd6..2e0c6560 100644
--- a/squeaknode/network/connection.py
+++ b/squeaknode/network/connection.py
@@ -91,6 +91,7 @@ class Connection(object):
     def shutdown(self):
         logger.debug("Peet shutting down...")
         self.peer.stop()
+        self.handshake_timer.cancel()
         self.ping_timer.cancel()
         self.pong_timer.cancel()