diff --git a/rpcs3/Emu/Cell/lv2/sys_lwcond.cpp b/rpcs3/Emu/Cell/lv2/sys_lwcond.cpp
index 67c0f61568..ab1da88567 100644
--- a/rpcs3/Emu/Cell/lv2/sys_lwcond.cpp
+++ b/rpcs3/Emu/Cell/lv2/sys_lwcond.cpp
@@ -140,7 +140,7 @@ error_code _sys_lwcond_signal(ppu_thread& ppu, u32 lwcond_id, u32 lwmutex_id, u6
 					}
 					else if (mode == 1)
 					{
-						ensure(mutex->add_waiter(result));
+						mutex->add_waiter(result);
 						result = nullptr;
 					}
 				}
@@ -231,7 +231,7 @@ error_code _sys_lwcond_signal_all(ppu_thread& ppu, u32 lwcond_id, u32 lwmutex_id
 				{
 					ensure(!mutex->signaled);
 					std::lock_guard lock(mutex->mutex);
-					ensure(mutex->add_waiter(cpu));
+					mutex->add_waiter(cpu);
 				}
 				else
 				{
@@ -286,22 +286,8 @@ error_code _sys_lwcond_queue_wait(ppu_thread& ppu, u32 lwcond_id, u32 lwmutex_id
 			return;
 		}
 
-		// Try to increment lwmutex's lwcond's waiters count
-		if (!mutex->lwcond_waiters.fetch_op([](s32& val)
-		{
-			if (val == smin)
-			{
-				return false;
-			}
-
-			val++;
-			return true;
-		}).second)
-		{
-			// Failed - lwmutex was detroyed and all waiters have quit
-			mutex.reset();
-			return;
-		}
+		// Increment lwmutex's lwcond's waiters count
+		mutex->lwcond_waiters++;
 
 		std::lock_guard lock(cond.mutex);
 
diff --git a/rpcs3/Emu/Cell/lv2/sys_lwmutex.cpp b/rpcs3/Emu/Cell/lv2/sys_lwmutex.cpp
index 95aaf4868e..68f9e52c4c 100644
--- a/rpcs3/Emu/Cell/lv2/sys_lwmutex.cpp
+++ b/rpcs3/Emu/Cell/lv2/sys_lwmutex.cpp
@@ -40,56 +40,76 @@ error_code _sys_lwmutex_destroy(ppu_thread& ppu, u32 lwmutex_id)
 
 	sys_lwmutex.warning("_sys_lwmutex_destroy(lwmutex_id=0x%x)", lwmutex_id);
 
-	auto mutex = idm::get<lv2_obj, lv2_lwmutex>(lwmutex_id);
-
-	if (!mutex)
-	{
-		return CELL_ESRCH;
-	}
+	std::shared_ptr<lv2_lwmutex> _mutex;
 
 	while (true)
 	{
-		if (std::scoped_lock lock(mutex->mutex); mutex->sq.empty())
+		s32 old_val = 0;
+
+		auto [ptr, ret] = idm::withdraw<lv2_obj, lv2_lwmutex>(lwmutex_id, [&](lv2_lwmutex& mutex) -> CellError
 		{
-			// Set "destroyed" bit
-			if (mutex->lwcond_waiters.fetch_or(smin) & 0x7fff'ffff)
+			// Ignore check on first iteration
+			if (_mutex && std::addressof(mutex) != _mutex.get())
+			{
+				// Other thread has destroyed the lwmutex earlier
+				return CELL_ESRCH;
+			}
+
+			std::lock_guard lock(mutex.mutex);
+
+			if (!mutex.sq.empty())
+			{
+				return CELL_EBUSY;
+			}
+
+			old_val = mutex.lwcond_waiters.or_fetch(smin);
+
+			if (old_val != smin)
 			{
 				// Deschedule if waiters were found
 				lv2_obj::sleep(ppu);
-			}
-		}
-		else
-		{
-			return CELL_EBUSY;
-		}
 
-		// Wait for all lwcond waiters to quit
-		if (const s32 old = mutex->lwcond_waiters; old != smin)
-		{
-			if (old >= 0)
-			{
-				// Sleep queue is no longer empty
-				// Was set to positive value to announce it
-				continue;
+				// Repeat loop: there are lwcond waiters
+				return CELL_EAGAIN;
 			}
 
-			thread_ctrl::wait_on(mutex->lwcond_waiters, old);
+			return {};
+		});
 
-			if (ppu.is_stopped())
+		if (!ptr)
+		{
+			return CELL_ESRCH;
+		}
+
+		if (ret)
+		{
+			if (ret != CELL_EAGAIN)
 			{
-				return {};
+				return ret;
 			}
 		}
 		else
 		{
 			break;
 		}
-	}
 
-	if (!idm::remove_verify<lv2_obj, lv2_lwmutex>(lwmutex_id, std::move(mutex)))
-	{
-		// Other thread has destroyed the lwmutex earlier
-		return CELL_ESRCH;
+		_mutex = std::move(ptr);
+
+		// Wait for all lwcond waiters to quit
+		while (old_val + 0u > 1u << 31)
+		{
+			thread_ctrl::wait_on(_mutex->lwcond_waiters, old_val);
+
+			if (ppu.is_stopped())
+			{
+				return {};
+			}
+
+			old_val = _mutex->lwcond_waiters;
+		}
+
+		// Wake up from sleep
+		ppu.check_state();
 	}
 
 	return CELL_OK;
@@ -133,17 +153,12 @@ error_code _sys_lwmutex_lock(ppu_thread& ppu, u32 lwmutex_id, u64 timeout)
 			return true;
 		}
 
-		if (!mutex.add_waiter(&ppu))
-		{
-			ppu.gpr[3] = CELL_ESRCH;
-			return true;
-		}
-
+		mutex.add_waiter(&ppu);
 		mutex.sleep(ppu, timeout);
 		return false;
 	});
 
-	if (!mutex || ppu.gpr[3] == CELL_ESRCH)
+	if (!mutex)
 	{
 		return CELL_ESRCH;
 	}
diff --git a/rpcs3/Emu/Cell/lv2/sys_lwmutex.h b/rpcs3/Emu/Cell/lv2/sys_lwmutex.h
index ed0b8b1758..cf853eb00e 100644
--- a/rpcs3/Emu/Cell/lv2/sys_lwmutex.h
+++ b/rpcs3/Emu/Cell/lv2/sys_lwmutex.h
@@ -71,10 +71,10 @@ struct lv2_lwmutex final : lv2_obj
 	{
 	}
 
-	// Try to add a waiter
-	bool add_waiter(cpu_thread* cpu)
+	// Add a waiter
+	void add_waiter(cpu_thread* cpu)
 	{
-		if (const auto old = lwcond_waiters.fetch_op([](s32& val)
+		const bool notify = lwcond_waiters.fetch_op([](s32& val)
 		{
 			if (val + 0u <= 1u << 31)
 			{
@@ -83,24 +83,18 @@ struct lv2_lwmutex final : lv2_obj
 			}
 
 			// lwmutex was set to be destroyed, but there are lwcond waiters
-			// Turn off the "destroying" bit as we are adding an lwmutex waiter
+			// Turn off the "lwcond_waiters notification" bit as we are adding an lwmutex waiter
 			val &= 0x7fff'ffff;
 			return true;
-		}).first; old != smin)
+		}).second;
+
+		sq.emplace_back(cpu);
+
+		if (notify)
 		{
-			sq.emplace_back(cpu);
-
-			if (old < 0)
-			{
-				// Notify lwmutex destroyer (may cause EBUSY to be returned for it)
-				lwcond_waiters.notify_all();
-			}
-
-			return true;
+			// Notify lwmutex destroyer (may cause EBUSY to be returned for it)
+			lwcond_waiters.notify_all();
 		}
-
-		// Failed - lwmutex was set to be destroyed and all lwcond waiters quit
-		return false;
 	}
 };