diff --git a/electrum/lnpeer.py b/electrum/lnpeer.py
index 23819da5f..58bd75f0e 100644
--- a/electrum/lnpeer.py
+++ b/electrum/lnpeer.py
@@ -1259,11 +1259,12 @@ class Peer(Logger):
         else:
             # all good
             fut.set_result((we_must_resend_revoke_and_ack, their_next_local_ctn))
-        # Block processing of further incoming messages until we finished our part of chan-reest.
-        # This is needed for the replaying of our local unacked updates to be sane (if the peer
-        # also replays some messages we must not react to them until we finished replaying our own).
-        # (it would be sufficient to only block messages related to this channel, but this is easier)
-        await self._chan_reest_finished[chan.channel_id].wait()
+            # Block processing of further incoming messages until we finished our part of chan-reest.
+            # This is needed for the replaying of our local unacked updates to be sane (if the peer
+            # also replays some messages we must not react to them until we finished replaying our own).
+            # (it would be sufficient to only block messages related to this channel, but this is easier)
+            await self._chan_reest_finished[chan.channel_id].wait()
+            # Note: if the above event is never set, we won't detect if the connection was closed by remote...
 
     def _send_channel_reestablish(self, chan: Channel):
         assert self.is_initialized()
diff --git a/electrum/lnworker.py b/electrum/lnworker.py
index 1b58a8bd2..089d45668 100644
--- a/electrum/lnworker.py
+++ b/electrum/lnworker.py
@@ -351,12 +351,13 @@ class LNWorker(Logger, EventListener, NetworkRetryManager[LNPeerAddr]):
         return peer
 
     async def _add_peer_from_transport(self, *, node_id: bytes, transport: LNTransportBase) -> Peer:
-        peer = Peer(self, node_id, transport)
         with self.lock:
             existing_peer = self._peers.get(node_id)
             if existing_peer:
-                existing_peer.close_and_cleanup()
-            assert node_id not in self._peers
+                # two instances of the same wallet are attempting to connect simultaneously.
+                # give priority to existing connection
+                return
+            peer = Peer(self, node_id, transport)
             self._peers[node_id] = peer
         await self.taskgroup.spawn(peer.main_loop())
         return peer