diff --git a/p2p/net/swarm/dial_worker.go b/p2p/net/swarm/dial_worker.go
index 78795f17b3..ffb16ca837 100644
--- a/p2p/net/swarm/dial_worker.go
+++ b/p2p/net/swarm/dial_worker.go
@@ -116,6 +116,8 @@ func (w *dialWorker) loop() {
 	startTime := w.cl.Now()
 	// dialTimer is the dialTimer used to trigger dials
 	dialTimer := w.cl.InstantTimer(startTime.Add(math.MaxInt64))
+	defer dialTimer.Stop()
+
 	timerRunning := true
 	// scheduleNextDial updates timer for triggering the next dial
 	scheduleNextDial := func() {
diff --git a/version.json b/version.json
index 2074057d9d..3fef571c9b 100644
--- a/version.json
+++ b/version.json
@@ -1,3 +1,3 @@
 {
-  "version": "v0.31.0"
+  "version": "v0.31.1"
 }