diff --git a/libusb/core.c b/libusb/core.c
index 7976e4c..8ebf08b 100644
--- a/libusb/core.c
+++ b/libusb/core.c
@@ -2340,10 +2340,8 @@
 		libusb_version_internal.micro, libusb_version_internal.nano, libusb_version_internal.rc);
 
 	r = usbi_io_init(_ctx);
-	if (r < 0) {
-		usbi_mutex_static_unlock(&default_context_lock);
+	if (r < 0)
 		goto err_free_ctx;
-	}
 
 	usbi_mutex_static_lock(&active_contexts_lock);
 	list_add(&_ctx->list, &active_contexts_list);
@@ -2369,22 +2367,23 @@
 	list_del(&_ctx->list);
 	usbi_mutex_static_unlock(&active_contexts_lock);
 
-	if (!ctx) {
-		usbi_default_context = NULL;
-		default_context_refcnt = 0;
-	}
-
-	usbi_mutex_static_unlock(&default_context_lock);
-
 	usbi_hotplug_exit(_ctx);
 	usbi_io_exit(_ctx);
 
 err_free_ctx:
+	if (!ctx) {
+		/* clear default context that was not fully initialized */
+		usbi_default_context = NULL;
+		default_context_refcnt = 0;
+	}
+
 	usbi_mutex_destroy(&_ctx->open_devs_lock);
 	usbi_mutex_destroy(&_ctx->usb_devs_lock);
 
 	free(_ctx);
 
+	usbi_mutex_static_unlock(&default_context_lock);
+
 	return r;
 }
 
diff --git a/libusb/version_nano.h b/libusb/version_nano.h
index ee61cdd..d5d1fd2 100644
--- a/libusb/version_nano.h
+++ b/libusb/version_nano.h
@@ -1 +1 @@
-#define LIBUSB_NANO 11675
+#define LIBUSB_NANO 11676