diff --git a/pkg/vm/slot.go b/pkg/vm/slot.go
index 4544ab8dd..661e796d8 100644
--- a/pkg/vm/slot.go
+++ b/pkg/vm/slot.go
@@ -23,13 +23,8 @@ func (s slot) Set(i int, item stackitem.Item, refs *refCounter) {
 	if s[i] == item {
 		return
 	}
-	old := s[i]
+	refs.Remove(s[i])
 	s[i] = item
-	if old != nil {
-		refs.Remove(old)
-	} else {
-		*refs-- // Not really existing, but counted Null element.
-	}
 	refs.Add(item)
 }
 
diff --git a/pkg/vm/vm.go b/pkg/vm/vm.go
index 801d68846..44f905cbb 100644
--- a/pkg/vm/vm.go
+++ b/pkg/vm/vm.go
@@ -1588,7 +1588,7 @@ func (v *VM) unloadContext(ctx *Context) {
 		ctx.arguments.ClearRefs(&v.refs)
 	}
 	currCtx := v.Context()
-	if ctx.static != nil && currCtx != nil && ctx.static != currCtx.static {
+	if ctx.static != nil && (currCtx == nil || ctx.static != currCtx.static) {
 		ctx.static.ClearRefs(&v.refs)
 	}
 }
diff --git a/pkg/vm/vm_test.go b/pkg/vm/vm_test.go
index 0e88a14e4..e3bd59256 100644
--- a/pkg/vm/vm_test.go
+++ b/pkg/vm/vm_test.go
@@ -2718,6 +2718,35 @@ func TestNestedStructEquals(t *testing.T) {
 	checkVMFailed(t, vm)
 }
 
+func TestRemoveReferrer(t *testing.T) {
+	h := "560110c34a10c36058cf4540" // #2501
+	prog, err := hex.DecodeString(h)
+	require.NoError(t, err)
+	vm := load(prog)
+	require.NoError(t, vm.StepInto()) // INITSSLOT
+	assert.Equal(t, 1, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // PUSH0
+	assert.Equal(t, 2, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // NEWARRAY
+	assert.Equal(t, 2, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // DUP
+	assert.Equal(t, 3, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // PUSH0
+	assert.Equal(t, 4, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // NEWARRAY
+	assert.Equal(t, 4, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // STSFLD0
+	assert.Equal(t, 3, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // LDSFLD0
+	assert.Equal(t, 4, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // APPEND
+	assert.Equal(t, 3, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // DROP
+	assert.Equal(t, 1, int(vm.refs))
+	require.NoError(t, vm.StepInto()) // RET
+	assert.Equal(t, 0, int(vm.refs))
+}
+
 func makeProgram(opcodes ...opcode.Opcode) []byte {
 	prog := make([]byte, len(opcodes)+1) // RET
 	for i := 0; i < len(opcodes); i++ {