diff --git a/CHANGELOG.md b/CHANGELOG.md
index 63c171ea..eced7a56 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,7 @@
+# 7.8.3 - 2026-02-09
+
+fix: do not pattern match long values in code variables
+
 # 7.8.3 - 2026-02-06
 
 fix: openAI input image sanitization
diff --git a/posthog/exception_utils.py b/posthog/exception_utils.py
index 30af736f..dfc92ccf 100644
--- a/posthog/exception_utils.py
+++ b/posthog/exception_utils.py
@@ -43,26 +43,29 @@
 DEFAULT_MAX_VALUE_LENGTH = 1024
 
 DEFAULT_CODE_VARIABLES_MASK_PATTERNS = [
-    r"(?i).*password.*",
-    r"(?i).*secret.*",
-    r"(?i).*passwd.*",
-    r"(?i).*pwd.*",
-    r"(?i).*api_key.*",
-    r"(?i).*apikey.*",
-    r"(?i).*auth.*",
-    r"(?i).*credentials.*",
-    r"(?i).*privatekey.*",
-    r"(?i).*private_key.*",
-    r"(?i).*token.*",
-    r"(?i).*aws_access_key_id.*",
-    r"(?i).*_pass",
-    r"(?i)sk_.*",
-    r"(?i).*jwt.*",
+    r"(?i)password",
+    r"(?i)secret",
+    r"(?i)passwd",
+    r"(?i)pwd",
+    r"(?i)api_key",
+    r"(?i)apikey",
+    r"(?i)auth",
+    r"(?i)credentials",
+    r"(?i)privatekey",
+    r"(?i)private_key",
+    r"(?i)token",
+    r"(?i)aws_access_key_id",
+    r"(?i)_pass",
+    r"(?i)sk_",
+    r"(?i)jwt",
 ]
 
 DEFAULT_CODE_VARIABLES_IGNORE_PATTERNS = [r"^__.*"]
 
 CODE_VARIABLES_REDACTED_VALUE = "$$_posthog_redacted_based_on_masking_rules_$$"
+CODE_VARIABLES_TOO_LONG_VALUE = "$$_posthog_value_too_long_$$"
+
+_MAX_VALUE_LENGTH_FOR_PATTERN_MATCH = 5_000
 
 DEFAULT_TOTAL_VARIABLES_SIZE_LIMIT = 20 * 1024
 
@@ -945,23 +948,37 @@ def _pattern_matches(name, patterns):
     return False
 
 
-def _mask_sensitive_data(value, compiled_mask):
+def _mask_sensitive_data(value, compiled_mask, _seen=None):
     if not compiled_mask:
         return value
 
+    if isinstance(value, (dict, list, tuple)):
+        if _seen is None:
+            _seen = set()
+        obj_id = id(value)
+        if obj_id in _seen:
+            return "<circular ref>"
+        _seen.add(obj_id)
+
     if isinstance(value, dict):
         result = {}
         for k, v in value.items():
             key_str = str(k) if not isinstance(k, str) else k
-            if _pattern_matches(key_str, compiled_mask):
+            if len(key_str) > _MAX_VALUE_LENGTH_FOR_PATTERN_MATCH:
+                result[k] = CODE_VARIABLES_TOO_LONG_VALUE
+            elif _pattern_matches(key_str, compiled_mask):
                 result[k] = CODE_VARIABLES_REDACTED_VALUE
             else:
-                result[k] = _mask_sensitive_data(v, compiled_mask)
+                result[k] = _mask_sensitive_data(v, compiled_mask, _seen)
         return result
     elif isinstance(value, (list, tuple)):
-        masked_items = [_mask_sensitive_data(item, compiled_mask) for item in value]
+        masked_items = [
+            _mask_sensitive_data(item, compiled_mask, _seen) for item in value
+        ]
         return type(value)(masked_items)
     elif isinstance(value, str):
+        if len(value) > _MAX_VALUE_LENGTH_FOR_PATTERN_MATCH:
+            return CODE_VARIABLES_TOO_LONG_VALUE
         if _pattern_matches(value, compiled_mask):
             return CODE_VARIABLES_REDACTED_VALUE
         return value
@@ -982,7 +999,9 @@ def _serialize_variable_value(value, limiter, max_length=1024, compiled_mask=Non
             limiter.add(result_size)
             return value
         elif isinstance(value, str):
-            if compiled_mask and _pattern_matches(value, compiled_mask):
+            if len(value) > _MAX_VALUE_LENGTH_FOR_PATTERN_MATCH:
+                result = CODE_VARIABLES_TOO_LONG_VALUE
+            elif compiled_mask and _pattern_matches(value, compiled_mask):
                 result = CODE_VARIABLES_REDACTED_VALUE
             else:
                 result = value
diff --git a/posthog/test/test_exception_capture.py b/posthog/test/test_exception_capture.py
index 7c89abe4..24d84935 100644
--- a/posthog/test/test_exception_capture.py
+++ b/posthog/test/test_exception_capture.py
@@ -450,3 +450,143 @@ def trigger_error():
     assert "<CustomReprClass: custom representation>" in output
     assert "<lambda>" in output
     assert "<function trigger_error at" in output
+
+
+def test_code_variables_too_long_string_value_replaced(tmpdir):
+    app = tmpdir.join("app.py")
+    app.write(
+        dedent(
+            """
+    import os
+    from posthog import Posthog
+
+    posthog = Posthog(
+        'phc_x',
+        host='https://eu.i.posthog.com',
+        debug=True,
+        enable_exception_autocapture=True,
+        capture_exception_code_variables=True,
+        project_root=os.path.dirname(os.path.abspath(__file__))
+    )
+
+    def trigger_error():
+        short_value = "I am short"
+        long_value = "x" * 20000
+        long_blob = "password_" + "a" * 20000
+
+        1/0
+
+    trigger_error()
+    """
+        )
+    )
+
+    with pytest.raises(subprocess.CalledProcessError) as excinfo:
+        subprocess.check_output([sys.executable, str(app)], stderr=subprocess.STDOUT)
+
+    output = excinfo.value.output.decode("utf-8")
+
+    assert "ZeroDivisionError" in output
+    assert "code_variables" in output
+
+    assert "'short_value': 'I am short'" in output
+
+    assert "$$_posthog_value_too_long_$$" in output
+
+    assert "'long_blob': '$$_posthog_value_too_long_$$'" in output
+
+
+def test_code_variables_too_long_string_in_nested_dict(tmpdir):
+    app = tmpdir.join("app.py")
+    app.write(
+        dedent(
+            """
+    import os
+    from posthog import Posthog
+
+    posthog = Posthog(
+        'phc_x',
+        host='https://eu.i.posthog.com',
+        debug=True,
+        enable_exception_autocapture=True,
+        capture_exception_code_variables=True,
+        project_root=os.path.dirname(os.path.abspath(__file__))
+    )
+
+    def trigger_error():
+        my_data = {
+            "short_key": "short_val",
+            "long_key": "y" * 20000,
+            "nested": {
+                "deep_long": "z" * 20000,
+                "deep_short": "ok",
+            },
+        }
+
+        1/0
+
+    trigger_error()
+    """
+        )
+    )
+
+    with pytest.raises(subprocess.CalledProcessError) as excinfo:
+        subprocess.check_output([sys.executable, str(app)], stderr=subprocess.STDOUT)
+
+    output = excinfo.value.output.decode("utf-8")
+
+    assert "ZeroDivisionError" in output
+    assert "code_variables" in output
+
+    assert "short_val" in output
+    assert "ok" in output
+
+    assert "$$_posthog_value_too_long_$$" in output
+    assert "y" * 1000 not in output
+    assert "z" * 1000 not in output
+
+
+def test_mask_sensitive_data_too_long_dict_key():
+    from posthog.exception_utils import (
+        CODE_VARIABLES_TOO_LONG_VALUE,
+        _compile_patterns,
+        _mask_sensitive_data,
+    )
+
+    compiled_mask = _compile_patterns([r"(?i)password"])
+
+    result = _mask_sensitive_data(
+        {
+            "short": "visible",
+            "k" * 20000: "hidden_val",
+            "password": "secret",
+        },
+        compiled_mask,
+    )
+
+    assert result["short"] == "visible"
+    # This then gets shortened by the JSON truncation at 1024 chars anyways so no worries
+    assert result["k" * 20000] == CODE_VARIABLES_TOO_LONG_VALUE
+    assert result["password"] == "$$_posthog_redacted_based_on_masking_rules_$$"
+
+
+def test_mask_sensitive_data_circular_ref():
+    from posthog.exception_utils import _compile_patterns, _mask_sensitive_data
+
+    compiled_mask = _compile_patterns([r"(?i)password"])
+
+    # Circular dict
+    circular_dict = {"key": "value"}
+    circular_dict["self"] = circular_dict
+
+    result = _mask_sensitive_data(circular_dict, compiled_mask)
+    assert result["key"] == "value"
+    assert result["self"] == "<circular ref>"
+
+    # Circular list
+    circular_list = ["item"]
+    circular_list.append(circular_list)
+
+    result = _mask_sensitive_data(circular_list, compiled_mask)
+    assert result[0] == "item"
+    assert result[1] == "<circular ref>"
diff --git a/posthog/version.py b/posthog/version.py
index d7aee14a..9b7cad35 100644
--- a/posthog/version.py
+++ b/posthog/version.py
@@ -1,4 +1,4 @@
-VERSION = "7.8.3"
+VERSION = "7.8.4"
 
 if __name__ == "__main__":
     print(VERSION, end="")  # noqa: T201