diff --git a/migration/multifd.c b/migration/multifd.c
index 88486b90d6..45c690aa11 100644
--- a/migration/multifd.c
+++ b/migration/multifd.c
@@ -765,6 +765,7 @@ static void multifd_tls_channel_connect(MultiFDSendParams *p,
         return;
     }
 
+    object_unref(OBJECT(ioc));
     trace_multifd_tls_outgoing_handshake_start(ioc, tioc, hostname);
     qio_channel_set_name(QIO_CHANNEL(tioc), "multifd-tls-outgoing");
     p->c = QIO_CHANNEL(tioc);