diff --git a/package.json b/package.json
index 2bc8ea16..d681218f 100644
--- a/package.json
+++ b/package.json
@@ -46,7 +46,7 @@
   "dependencies": {
     "@ethereumjs/util": "^8.1.0",
     "@metamask/abi-utils": "^1.2.0",
-    "@metamask/utils": "^5.0.2",
+    "@metamask/utils": "^8.1.0",
     "ethereum-cryptography": "^2.1.2",
     "ethjs-util": "^0.1.6",
     "tweetnacl": "^1.0.3",
diff --git a/yarn.lock b/yarn.lock
index 4b5e8bf7..63adcb8d 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -900,7 +900,7 @@ __metadata:
     "@metamask/eslint-config-jest": ^11.1.0
     "@metamask/eslint-config-nodejs": ^11.1.0
     "@metamask/eslint-config-typescript": ^11.1.0
-    "@metamask/utils": ^5.0.2
+    "@metamask/utils": ^8.1.0
     "@types/jest": ^27.0.6
     "@types/node": ^16.18.50
     "@typescript-eslint/eslint-plugin": ^5.59.1
@@ -939,16 +939,17 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/utils@npm:^5.0.2":
-  version: 5.0.2
-  resolution: "@metamask/utils@npm:5.0.2"
+"@metamask/utils@npm:^8.1.0":
+  version: 8.1.0
+  resolution: "@metamask/utils@npm:8.1.0"
   dependencies:
     "@ethereumjs/tx": ^4.1.2
+    "@noble/hashes": ^1.3.1
     "@types/debug": ^4.1.7
     debug: ^4.3.4
-    semver: ^7.3.8
+    semver: ^7.5.4
     superstruct: ^1.0.3
-  checksum: eca82e42911b2840deb4f32f0f215c5ffd14d22d68afbbe92d3180e920e509e310777b15eab29def3448f3535b66596ceb4c23666ec846adacc8e1bb093ff882
+  checksum: 4cbee36d0c227f3e528930e83f75a0c6b71b55b332c3e162f0e87f3dd86ae017d0b20405d76ea054ab99e4d924d3d9b8b896ed12a12aae57b090350e5a625999
   languageName: node
   linkType: hard
 
@@ -968,7 +969,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@noble/hashes@npm:~1.3.0, @noble/hashes@npm:~1.3.1":
+"@noble/hashes@npm:^1.3.1, @noble/hashes@npm:~1.3.0, @noble/hashes@npm:~1.3.1":
   version: 1.3.2
   resolution: "@noble/hashes@npm:1.3.2"
   checksum: fe23536b436539d13f90e4b9be843cc63b1b17666a07634a2b1259dded6f490be3d050249e6af98076ea8f2ea0d56f578773c2197f2aa0eeaa5fba5bc18ba474
@@ -5290,7 +5291,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"semver@npm:7.x, semver@npm:^7.3.2, semver@npm:^7.3.5, semver@npm:^7.3.7, semver@npm:^7.3.8":
+"semver@npm:7.x, semver@npm:^7.3.2, semver@npm:^7.3.5, semver@npm:^7.3.7, semver@npm:^7.3.8, semver@npm:^7.5.4":
   version: 7.5.4
   resolution: "semver@npm:7.5.4"
   dependencies: