diff --git a/CHANGELOG.md b/CHANGELOG.md
index 367c6ad45..49a369c06 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,6 @@
+# 0.24.1 - 2022-10-25
+
+* [Fix broken deserialization logic of `KeyPair`](https://github.com/rust-bitcoin/rust-secp256k1/issues/491) that previously always panicked. After the patch deserialization only panics if neither the `global-context` nor the `alloc` (default) feature is active.
 
 # 0.24.0 - 2022-07-20
 
diff --git a/Cargo.toml b/Cargo.toml
index da343cd3c..7cef32d43 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "secp256k1"
-version = "0.24.0"
+version = "0.24.1"
 authors = [ "Dawid Ciężarkiewicz <dpc@ucore.info>",
             "Andrew Poelstra <apoelstra@wpsoftware.net>" ]
 license = "CC0-1.0"