diff --git a/src/chain/electrum.rs b/src/chain/electrum.rs
index 6e62d9c08..9882e652b 100644
--- a/src/chain/electrum.rs
+++ b/src/chain/electrum.rs
@@ -40,7 +40,7 @@ use std::time::{Duration, Instant};
 
 const BDK_ELECTRUM_CLIENT_BATCH_SIZE: usize = 5;
 const ELECTRUM_CLIENT_NUM_RETRIES: u8 = 3;
-const ELECTRUM_CLIENT_TIMEOUT_SECS: u8 = 20;
+const ELECTRUM_CLIENT_TIMEOUT_SECS: u8 = 10;
 
 pub(crate) struct ElectrumRuntimeClient {
 	electrum_client: Arc<ElectrumClient>,
diff --git a/src/config.rs b/src/config.rs
index 4a39c1b56..544c6d3bb 100644
--- a/src/config.rs
+++ b/src/config.rs
@@ -65,10 +65,13 @@ pub(crate) const NODE_ANN_BCAST_INTERVAL: Duration = Duration::from_secs(60 * 60
 pub(crate) const WALLET_SYNC_INTERVAL_MINIMUM_SECS: u64 = 10;
 
 // The timeout after which we abort a wallet syncing operation.
-pub(crate) const BDK_WALLET_SYNC_TIMEOUT_SECS: u64 = 90;
+pub(crate) const BDK_WALLET_SYNC_TIMEOUT_SECS: u64 = 20;
 
 // The timeout after which we abort a wallet syncing operation.
-pub(crate) const LDK_WALLET_SYNC_TIMEOUT_SECS: u64 = 30;
+pub(crate) const LDK_WALLET_SYNC_TIMEOUT_SECS: u64 = 10;
+
+// The timeout after which we give up waiting on LDK's event handler to exit on shutdown.
+pub(crate) const LDK_EVENT_HANDLER_SHUTDOWN_TIMEOUT_SECS: u64 = 30;
 
 // The timeout after which we abort a fee rate cache update operation.
 pub(crate) const FEE_RATE_CACHE_UPDATE_TIMEOUT_SECS: u64 = 5;
diff --git a/src/lib.rs b/src/lib.rs
index 7859a092e..21f669175 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -126,8 +126,9 @@ pub use builder::NodeBuilder as Builder;
 
 use chain::ChainSource;
 use config::{
-	default_user_config, may_announce_channel, ChannelConfig, Config, NODE_ANN_BCAST_INTERVAL,
-	PEER_RECONNECTION_INTERVAL, RGS_SYNC_INTERVAL,
+	default_user_config, may_announce_channel, ChannelConfig, Config,
+	LDK_EVENT_HANDLER_SHUTDOWN_TIMEOUT_SECS, NODE_ANN_BCAST_INTERVAL, PEER_RECONNECTION_INTERVAL,
+	RGS_SYNC_INTERVAL,
 };
 use connection::ConnectionManager;
 use event::{EventHandler, EventQueue};
@@ -643,7 +644,12 @@ impl Node {
 	///
 	/// After this returns most API methods will return [`Error::NotRunning`].
 	pub fn stop(&self) -> Result<(), Error> {
-		let runtime = self.runtime.write().unwrap().take().ok_or(Error::NotRunning)?;
+		// We hold the write lock for the duration of this method to avoid any conflicts with
+		// inflight tasks when users would potentially concurrently try restart the node before
+		// `stop` returned.
+		let mut runtime_lock = self.runtime.write().unwrap();
+		let runtime = runtime_lock.take().ok_or(Error::NotRunning)?;
+
 		#[cfg(tokio_unstable)]
 		let metrics_runtime = Arc::clone(&runtime);
 
@@ -672,13 +678,10 @@ impl Node {
 		let event_handling_stopped_logger = Arc::clone(&self.logger);
 		let mut event_handling_stopped_receiver = self.event_handling_stopped_sender.subscribe();
 
-		// FIXME: For now, we wait up to 100 secs (BDK_WALLET_SYNC_TIMEOUT_SECS + 10) to allow
-		// event handling to exit gracefully even if it was blocked on the BDK wallet syncing. We
-		// should drop this considerably post upgrading to BDK 1.0.
 		let timeout_res = tokio::task::block_in_place(move || {
 			runtime.block_on(async {
 				tokio::time::timeout(
-					Duration::from_secs(100),
+					Duration::from_secs(LDK_EVENT_HANDLER_SHUTDOWN_TIMEOUT_SECS),
 					event_handling_stopped_receiver.changed(),
 				)
 				.await