diff --git a/src/lib_p2p/p2p_connect_handler.ml b/src/lib_p2p/p2p_connect_handler.ml
index 390f2311ec518c26c234523907d2419dbed6e8cc..0fe95ec5315a37d232b23fb525e1ffb184ad5211 100644
--- a/src/lib_p2p/p2p_connect_handler.ml
+++ b/src/lib_p2p/p2p_connect_handler.ml
@@ -236,7 +236,7 @@ let create_connection t p2p_conn id_point point_info peer_info
   return conn
 
 let is_acceptable t connection_point_info peer_info incoming version =
-  let open Result_syntax in
+  let open Lwt_result_syntax in
   (* Private mode only accept trusted *)
   let unexpected =
     t.config.private_mode
@@ -247,9 +247,9 @@ let is_acceptable t connection_point_info peer_info incoming version =
              connection_point_info))
     && not (t.dependencies.peer_state_info_trusted peer_info)
   in
-  if unexpected then (
-    Events.(emit__dont_wait__use_with_care peer_rejected) () ;
-    tzfail P2p_errors.Private_mode)
+  if unexpected then
+    let*! () = Events.(emit peer_rejected) () in
+    tzfail P2p_errors.Private_mode
   else
     (* checking if point is acceptable *)
     let* version =
@@ -258,9 +258,26 @@ let is_acceptable t connection_point_info peer_info incoming version =
       | Some connection_point_info -> (
           match P2p_point_state.get connection_point_info with
           | Accepted _ | Running _ ->
-              P2p_rejection.(rejecting Already_connected)
-          | Requested _ when incoming ->
-              P2p_rejection.(rejecting Already_connected)
+              Lwt.return P2p_rejection.(rejecting Already_connected)
+          | Requested {cancel} when incoming ->
+              (* Prioritise incoming connections. *)
+              let*! exns_opt =
+                Lwt.catch
+                  (fun () ->
+                    Lwt.bind (Lwt_canceler.cancel cancel) (fun result ->
+                        match result with
+                        | Error exns -> Lwt.return_some exns
+                        | Ok () -> Lwt.return_none))
+                  (fun exn -> Lwt.return_some [exn])
+              in
+              let*! () =
+                Option.iter_s
+                  (fun exns ->
+                    List.map Error_monad.error_of_exn exns
+                    |> Events.(emit unexpected_cancellation_error))
+                  exns_opt
+              in
+              return version
           | Requested _ | Disconnected -> return version)
     in
     (* Point is acceptable, checking if peer is. *)
@@ -269,7 +286,7 @@ let is_acceptable t connection_point_info peer_info incoming version =
     (* TODO: https://gitlab.com/tezos/tezos/-/issues/4679
        in some circumstances cancel and accept... *)
     | Running _ ->
-        P2p_rejection.(rejecting Already_connected)
+        Lwt.return P2p_rejection.(rejecting Already_connected)
     (* All right, welcome ! *)
     | Disconnected -> return version
 
@@ -428,9 +445,8 @@ let raw_authenticate t ?point_info canceler scheduled_conn point =
   let peer_info = P2p_pool.register_peer t.pool info.peer_id in
   (* [acceptable] is either Ok with a network version, or a Rejecting
      error with a motive *)
-  let acceptable =
-    let open Result_syntax in
-    let* version =
+  let*! acceptable =
+    let*? version =
       select
         ~chain_name:t.message_config.chain_name
         ~distributed_db_versions:t.message_config.distributed_db_versions
@@ -444,7 +460,7 @@ let raw_authenticate t ?point_info canceler scheduled_conn point =
         t.config.max_connections + Random.int 2
         > P2p_pool.active_connections t.pool
       then return_unit
-      else P2p_rejection.(rejecting Too_many_connections)
+      else Lwt.return P2p_rejection.(rejecting Too_many_connections)
     in
     (* we have a slot, checking if point and peer are acceptable *)
     is_acceptable t connection_point_info peer_info incoming version
diff --git a/src/lib_p2p/p2p_events.ml b/src/lib_p2p/p2p_events.ml
index cca6bf5777c8eca8713cb30d4c41e83c5eb0c3dc..47842d3fa989d89eb1c1fb8b362110d4e739b51b 100644
--- a/src/lib_p2p/p2p_events.ml
+++ b/src/lib_p2p/p2p_events.ml
@@ -244,6 +244,15 @@ module P2p_connect_handler = struct
       ~pp2:pp_print_top_error_of_trace
       ("errors", Error_monad.trace_encoding)
 
+  let unexpected_cancellation_error =
+    declare_1
+      ~section
+      ~name:"unexpected_cancellation_error"
+      ~msg:"unexpected cancellation error: {errors}"
+      ~level:Error
+      ~pp1:pp_print_top_error_of_trace
+      ("errors", Error_monad.trace_encoding)
+
   let connect_status =
     declare_2
       ~section