diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0397ebdb5aa..236b70723c1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,70 @@
 # Changelog
 
+## v0.28.0
+
+*January 16th, 2019*
+
+Special thanks to external contributors on this release:
+@fmauricios, @gianfelipe93, @husio, @needkane, @srmo, @yutianwu
+
+This release is primarily about upgrades to the `privval` system -
+separating the `priv_validator.json` into distinct config and data files, and
+refactoring the socket validator to support reconnections.
+
+**Note:** Please backup your existing `priv_validator.json` before using this
+version.
+
+See [UPGRADING.md](UPGRADING.md) for more details.
+
+### BREAKING CHANGES:
+
+* CLI/RPC/Config
+  - [cli] Removed `--proxy_app=dummy` option. Use `kvstore` (`persistent_kvstore`) instead.
+  - [cli] Renamed `--proxy_app=nilapp` to `--proxy_app=noop`.
+  - [config] [\#2992](https://github.com/tendermint/tendermint/issues/2992) `allow_duplicate_ip` is now set to false
+  - [privval] [\#1181](https://github.com/tendermint/tendermint/issues/1181) Split `priv_validator.json` into immutable (`config/priv_validator_key.json`) and mutable (`data/priv_validator_state.json`) parts (@yutianwu)
+  - [privval] [\#2926](https://github.com/tendermint/tendermint/issues/2926) Split up `PubKeyMsg` into `PubKeyRequest` and `PubKeyResponse` to be consistent with other message types
+  - [privval] [\#2923](https://github.com/tendermint/tendermint/issues/2923) Listen for unix socket connections instead of dialing them
+
+* Apps
+
+* Go API
+  - [types] [\#2981](https://github.com/tendermint/tendermint/issues/2981) Remove `PrivValidator.GetAddress()`
+
+* Blockchain Protocol
+
+* P2P Protocol
+
+### FEATURES:
+- [rpc] [\#3052](https://github.com/tendermint/tendermint/issues/3052) Include peer's remote IP in `/net_info`
+
+### IMPROVEMENTS:
+- [consensus] [\#3086](https://github.com/tendermint/tendermint/issues/3086) Log peerID on ignored votes (@srmo)
+- [docs] [\#3061](https://github.com/tendermint/tendermint/issues/3061) Added specification for signing consensus msgs at
+  ./docs/spec/consensus/signing.md
+- [privval] [\#2948](https://github.com/tendermint/tendermint/issues/2948) Memoize pubkey so it's only requested once on startup
+- [privval] [\#2923](https://github.com/tendermint/tendermint/issues/2923) Retry RemoteSigner connections on error
+
+### BUG FIXES:
+
+- [build] [\#3085](https://github.com/tendermint/tendermint/issues/3085) Fix `Version` field in build scripts (@husio)
+- [crypto/multisig] [\#3102](https://github.com/tendermint/tendermint/issues/3102) Fix multisig keys address length
+- [crypto/encoding] [\#3101](https://github.com/tendermint/tendermint/issues/3101) Fix `PubKeyMultisigThreshold` unmarshalling into `crypto.PubKey` interface
+- [p2p/conn] [\#3111](https://github.com/tendermint/tendermint/issues/3111) Make SecretConnection thread safe
+- [rpc] [\#3053](https://github.com/tendermint/tendermint/issues/3053) Fix internal error in `/tx_search` when results are empty
+  (@gianfelipe93)
+- [types] [\#2926](https://github.com/tendermint/tendermint/issues/2926) Do not panic if retrieving the privval's public key fails
+
+## v0.27.4
+
+*December 21st, 2018*
+
+### BUG FIXES:
+
+- [mempool] [\#3036](https://github.com/tendermint/tendermint/issues/3036) Fix
+  LRU cache by popping the least recently used item when the cache is full,
+  not the most recently used one!
+
 ## v0.27.3
 
 *December 16th, 2018*
@@ -7,9 +72,8 @@
 ### BREAKING CHANGES:
 
 * Go API
-
-- [dep] [\#3027](https://github.com/tendermint/tendermint/issues/3027) Revert to mainline Go crypto library, eliminating the modified
-  `bcrypt.GenerateFromPassword`
+  - [dep] [\#3027](https://github.com/tendermint/tendermint/issues/3027) Revert to mainline Go crypto library, eliminating the modified
+    `bcrypt.GenerateFromPassword`
 
 ## v0.27.2
 
diff --git a/CHANGELOG_PENDING.md b/CHANGELOG_PENDING.md
deleted file mode 100644
index 2283ff37076..00000000000
--- a/CHANGELOG_PENDING.md
+++ /dev/null
@@ -1,24 +0,0 @@
-## v0.27.4
-
-*TBD*
-
-Special thanks to external contributors on this release:
-
-### BREAKING CHANGES:
-
-* CLI/RPC/Config
-
-* Apps
-
-* Go API
-
-* Blockchain Protocol
-
-* P2P Protocol
-
-### FEATURES:
-
-### IMPROVEMENTS:
-
-### BUG FIXES:
-