diff --git a/packages/abi-utils/package.json b/packages/abi-utils/package.json
index c5545929ace..be4f8194dfc 100644
--- a/packages/abi-utils/package.json
+++ b/packages/abi-utils/package.json
@@ -26,7 +26,7 @@
   "dependencies": {
     "change-case": "3.0.2",
     "fast-check": "3.1.1",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@fast-check/jest": "^1.0.1",
diff --git a/packages/codec/package.json b/packages/codec/package.json
index 50004141cda..fc2c6b93a94 100644
--- a/packages/codec/package.json
+++ b/packages/codec/package.json
@@ -34,7 +34,7 @@
     "lodash": "^4.17.21",
     "semver": "^7.5.4",
     "utf8": "^3.0.0",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@truffle/contract-schema": "^3.4.16",
diff --git a/packages/contract/package.json b/packages/contract/package.json
index e2f5ac64e4a..184d9a2f7d9 100644
--- a/packages/contract/package.json
+++ b/packages/contract/package.json
@@ -34,7 +34,7 @@
     "web3-core-helpers": "1.10.0",
     "web3-core-promievent": "1.10.0",
     "web3-eth-abi": "1.10.0",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "assert": "^2.0.0",
diff --git a/packages/core/package.json b/packages/core/package.json
index 4fdc3db92d0..841f5353697 100644
--- a/packages/core/package.json
+++ b/packages/core/package.json
@@ -84,7 +84,7 @@
     "tmp": "^0.2.1",
     "uuid": "^9.0.0",
     "web3": "1.10.0",
-    "web3-utils": "1.10.0",
+    "web3-utils": "4.2.1",
     "xregexp": "^4.2.4",
     "yargs": "^13.3.0"
   },
diff --git a/packages/db/package.json b/packages/db/package.json
index 3f5d6b59703..935d17cc75d 100644
--- a/packages/db/package.json
+++ b/packages/db/package.json
@@ -50,7 +50,7 @@
     "pouchdb-adapter-memory": "^7.1.1",
     "pouchdb-debug": "^7.1.1",
     "pouchdb-find": "^7.0.0",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@fast-check/jest": "^1.0.1",
diff --git a/packages/decoder/package.json b/packages/decoder/package.json
index 87c3d25666f..e283e9eb115 100644
--- a/packages/decoder/package.json
+++ b/packages/decoder/package.json
@@ -35,7 +35,7 @@
     "axios": "1.5.0",
     "bn.js": "^5.1.3",
     "debug": "^4.3.1",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@truffle/config": "^1.3.61",
diff --git a/packages/deployer/package.json b/packages/deployer/package.json
index d6aec0b175f..e7f3cff3ab2 100644
--- a/packages/deployer/package.json
+++ b/packages/deployer/package.json
@@ -24,7 +24,7 @@
     "@truffle/expect": "^0.1.7",
     "debug": "^4.3.1",
     "eth-ens-namehash": "^2.0.8",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@truffle/config": "^1.3.61",
diff --git a/packages/encoder/package.json b/packages/encoder/package.json
index 37412424de1..509686e62f2 100644
--- a/packages/encoder/package.json
+++ b/packages/encoder/package.json
@@ -35,7 +35,7 @@
     "bn.js": "^5.1.3",
     "debug": "^4.3.1",
     "lodash": "^4.17.21",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@fast-check/jest": "^1.0.1",
diff --git a/packages/events/package.json b/packages/events/package.json
index 894d302e397..2b5ca27821c 100644
--- a/packages/events/package.json
+++ b/packages/events/package.json
@@ -26,7 +26,7 @@
     "@truffle/spinners": "^0.2.5",
     "debug": "^4.3.1",
     "emittery": "^0.4.1",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "engines": {
     "node": "^16.20 || ^18.16 || >=20"
diff --git a/packages/external-compile/package.json b/packages/external-compile/package.json
index ddfdccb9005..6e934f9e927 100644
--- a/packages/external-compile/package.json
+++ b/packages/external-compile/package.json
@@ -25,7 +25,7 @@
     "@truffle/expect": "^0.1.7",
     "debug": "^4.3.1",
     "glob": "^7.1.6",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "chai": "^4.2.0",
diff --git a/packages/fetch-and-compile/package.json b/packages/fetch-and-compile/package.json
index 0c8ea26f9d3..95bac4c7c31 100644
--- a/packages/fetch-and-compile/package.json
+++ b/packages/fetch-and-compile/package.json
@@ -33,7 +33,7 @@
     "@truffle/source-fetcher": "^1.0.44",
     "debug": "^4.3.2",
     "semver": "^7.5.4",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@truffle/compile-common": "^0.9.8",
diff --git a/packages/resolver/package.json b/packages/resolver/package.json
index ab5113b4f6f..53e243f1e10 100644
--- a/packages/resolver/package.json
+++ b/packages/resolver/package.json
@@ -39,7 +39,7 @@
     "fs-extra": "^9.1.0",
     "get-installed-path": "^4.0.8",
     "glob": "^7.1.6",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@types/node": "~12.12.0",
diff --git a/packages/source-fetcher/package.json b/packages/source-fetcher/package.json
index dd809b973a3..fc9a383c77a 100644
--- a/packages/source-fetcher/package.json
+++ b/packages/source-fetcher/package.json
@@ -30,7 +30,7 @@
     "axios": "1.5.0",
     "debug": "^4.3.1",
     "node-abort-controller": "^3.0.1",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@types/async-retry": "^1.4.3",
diff --git a/packages/source-map-utils/package.json b/packages/source-map-utils/package.json
index b3caf4cd41c..3b8cf18ee1b 100644
--- a/packages/source-map-utils/package.json
+++ b/packages/source-map-utils/package.json
@@ -23,7 +23,7 @@
     "debug": "^4.3.1",
     "json-pointer": "^0.6.1",
     "node-interval-tree": "^1.3.3",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "keywords": [
     "contracts",
diff --git a/packages/test/package.json b/packages/test/package.json
index 35fdd7d8943..25a3653ee64 100644
--- a/packages/test/package.json
+++ b/packages/test/package.json
@@ -37,7 +37,7 @@
     "debug": "^4.3.1",
     "mocha": "10.1.0",
     "original-require": "^1.0.1",
-    "web3-utils": "1.10.0"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@types/bn.js": "^5.1.0",
diff --git a/yarn.lock b/yarn.lock
index 55dfd4920b2..6ac8dbdb77e 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3358,11 +3358,23 @@
   dependencies:
     eslint-scope "5.1.1"
 
+"@noble/curves@1.3.0", "@noble/curves@~1.3.0":
+  version "1.3.0"
+  resolved "https://registry.yarnpkg.com/@noble/curves/-/curves-1.3.0.tgz#01be46da4fd195822dab821e72f71bf4aeec635e"
+  integrity sha512-t01iSXPuN+Eqzb4eBX0S5oubSqXbK/xXa1Ne18Hj8f9pStxztHCE2gfboSp/dZRLSqfuLpRK2nDXDK+W9puocA==
+  dependencies:
+    "@noble/hashes" "1.3.3"
+
 "@noble/hashes@1.1.2", "@noble/hashes@~1.1.1":
   version "1.1.2"
   resolved "https://registry.yarnpkg.com/@noble/hashes/-/hashes-1.1.2.tgz#e9e035b9b166ca0af657a7848eb2718f0f22f183"
   integrity sha512-KYRCASVTv6aeUi1tsF8/vpyR7zpfs3FUzy2Jqm+MU+LmUKhQ0y2FpfwqkCcxSg2ua4GALJd8k2R76WxwZGbQpA==
 
+"@noble/hashes@1.3.3", "@noble/hashes@~1.3.2":
+  version "1.3.3"
+  resolved "https://registry.yarnpkg.com/@noble/hashes/-/hashes-1.3.3.tgz#39908da56a4adc270147bb07968bf3b16cfe1699"
+  integrity sha512-V7/fPHgl+jsVPXqqeOzT8egNj2iBIVt+ECeMMG8TdcnTikP3oaBtUVqpT/gYCR68aEBJSF+XbYUxStjbFMqIIA==
+
 "@noble/secp256k1@1.6.3", "@noble/secp256k1@~1.6.0":
   version "1.6.3"
   resolved "https://registry.yarnpkg.com/@noble/secp256k1/-/secp256k1-1.6.3.tgz#7eed12d9f4404b416999d0c87686836c4c5c9b94"
@@ -4177,6 +4189,11 @@
   resolved "https://registry.yarnpkg.com/@scure/base/-/base-1.1.1.tgz#ebb651ee52ff84f420097055f4bf46cfba403938"
   integrity sha512-ZxOhsSyxYwLJj3pLZCefNitxsj093tb2vq90mp2txoYeBqbcjDjqFhyM8eUjq/uFm6zJ+mUuqxlS2FkuSY1MTA==
 
+"@scure/base@~1.1.4":
+  version "1.1.6"
+  resolved "https://registry.yarnpkg.com/@scure/base/-/base-1.1.6.tgz#8ce5d304b436e4c84f896e0550c83e4d88cb917d"
+  integrity sha512-ok9AWwhcgYuGG3Zfhyqg+zwl+Wn5uE+dwC0NV/2qQkx4dABbb/bx96vWu8NSj+BNjjSjno+JRYRjle1jV08k3g==
+
 "@scure/bip32@1.1.0":
   version "1.1.0"
   resolved "https://registry.yarnpkg.com/@scure/bip32/-/bip32-1.1.0.tgz#dea45875e7fbc720c2b4560325f1cf5d2246d95b"
@@ -4186,6 +4203,15 @@
     "@noble/secp256k1" "~1.6.0"
     "@scure/base" "~1.1.0"
 
+"@scure/bip32@1.3.3":
+  version "1.3.3"
+  resolved "https://registry.yarnpkg.com/@scure/bip32/-/bip32-1.3.3.tgz#a9624991dc8767087c57999a5d79488f48eae6c8"
+  integrity sha512-LJaN3HwRbfQK0X1xFSi0Q9amqOgzQnnDngIt+ZlsBC3Bm7/nE7K0kwshZHyaru79yIVRv/e1mQAjZyuZG6jOFQ==
+  dependencies:
+    "@noble/curves" "~1.3.0"
+    "@noble/hashes" "~1.3.2"
+    "@scure/base" "~1.1.4"
+
 "@scure/bip39@1.1.0":
   version "1.1.0"
   resolved "https://registry.yarnpkg.com/@scure/bip39/-/bip39-1.1.0.tgz#92f11d095bae025f166bef3defcc5bf4945d419a"
@@ -4194,6 +4220,14 @@
     "@noble/hashes" "~1.1.1"
     "@scure/base" "~1.1.0"
 
+"@scure/bip39@1.2.2":
+  version "1.2.2"
+  resolved "https://registry.yarnpkg.com/@scure/bip39/-/bip39-1.2.2.tgz#f3426813f4ced11a47489cbcf7294aa963966527"
+  integrity sha512-HYf9TUXG80beW+hGAt3TRM8wU6pQoYur9iNypTROm42dorCGmLnFe3eWjz3gOq6G62H2WRh0FCzAR1PI+29zIA==
+  dependencies:
+    "@noble/hashes" "~1.3.2"
+    "@scure/base" "~1.1.4"
+
 "@sentry/core@5.30.0":
   version "5.30.0"
   resolved "https://registry.yarnpkg.com/@sentry/core/-/core-5.30.0.tgz#6b203664f69e75106ee8b5a2fe1d717379b331f3"
@@ -10918,6 +10952,16 @@ ethereum-cryptography@1.1.2, ethereum-cryptography@^1.0.3, ethereum-cryptography
     "@scure/bip32" "1.1.0"
     "@scure/bip39" "1.1.0"
 
+ethereum-cryptography@^2.0.0:
+  version "2.1.3"
+  resolved "https://registry.yarnpkg.com/ethereum-cryptography/-/ethereum-cryptography-2.1.3.tgz#1352270ed3b339fe25af5ceeadcf1b9c8e30768a"
+  integrity sha512-BlwbIL7/P45W8FGW2r7LGuvoEZ+7PWsniMvQ4p5s2xCyw9tmaDlpfsN9HjAucbF+t/qpVHwZUisgfK24TCW8aA==
+  dependencies:
+    "@noble/curves" "1.3.0"
+    "@noble/hashes" "1.3.3"
+    "@scure/bip32" "1.3.3"
+    "@scure/bip39" "1.2.2"
+
 ethereum-protocol@^1.0.1:
   version "1.0.1"
   resolved "https://registry.yarnpkg.com/ethereum-protocol/-/ethereum-protocol-1.0.1.tgz#b7d68142f4105e0ae7b5e178cf42f8d4dc4b93cf"
@@ -11139,6 +11183,11 @@ eventemitter3@4.0.7, eventemitter3@^4.0.0, eventemitter3@^4.0.4, eventemitter3@^
   resolved "https://registry.yarnpkg.com/eventemitter3/-/eventemitter3-4.0.7.tgz#2de9b68f6528d5644ef5c59526a1b4a07306169f"
   integrity sha512-8guHBZCwKnFhYdHr2ysuRWErTwhoN2X8XELRlrRwpmfeY2jjuUN4taQMsULKUVo1K4DvZl+0pgfyoysHxvmvEw==
 
+eventemitter3@^5.0.1:
+  version "5.0.1"
+  resolved "https://registry.yarnpkg.com/eventemitter3/-/eventemitter3-5.0.1.tgz#53f5ffd0a492ac800721bb42c66b841de96423c4"
+  integrity sha512-GWkBvjiSZK87ELrYOSESUYeVIc9mvLLf/nXalMOS5dYrgZq9o5OVkbZAVM06CVxYsCwH9BDZFPlQTlPA1j4ahA==
+
 events@^3.0.0, events@^3.2.0:
   version "3.2.0"
   resolved "https://registry.yarnpkg.com/events/-/events-3.2.0.tgz#93b87c18f8efcd4202a461aec4dfc0556b639379"
@@ -22130,6 +22179,13 @@ web3-core@1.10.0:
     web3-core-requestmanager "1.10.0"
     web3-utils "1.10.0"
 
+web3-errors@^1.1.4:
+  version "1.1.4"
+  resolved "https://registry.yarnpkg.com/web3-errors/-/web3-errors-1.1.4.tgz#5667a0a5f66fc936e101ef32032ccc1e8ca4d5a1"
+  integrity sha512-WahtszSqILez+83AxGecVroyZsMuuRT+KmQp4Si5P4Rnqbczno1k748PCrZTS1J4UCPmXMG2/Vt+0Bz2zwXkwQ==
+  dependencies:
+    web3-types "^1.3.1"
+
 web3-eth-abi@1.10.0:
   version "1.10.0"
   resolved "https://registry.yarnpkg.com/web3-eth-abi/-/web3-eth-abi-1.10.0.tgz#53a7a2c95a571e205e27fd9e664df4919483cce1"
@@ -22294,6 +22350,11 @@ web3-shh@1.10.0:
     web3-core-subscriptions "1.10.0"
     web3-net "1.10.0"
 
+web3-types@^1.3.1, web3-types@^1.5.0:
+  version "1.5.0"
+  resolved "https://registry.yarnpkg.com/web3-types/-/web3-types-1.5.0.tgz#35b5c0ab149b0d566efeaed8ddaa40db159c748e"
+  integrity sha512-geWuMIeegQ8AedKAO6wO4G4j1gyQ1F/AyKLMw2vud4bsfZayyzWJgCMDZtjYMm5uo2a7i8j1W3/4QFmzlSy5cw==
+
 web3-utils@1.10.0, web3-utils@^1.0.0-beta.31:
   version "1.10.0"
   resolved "https://registry.yarnpkg.com/web3-utils/-/web3-utils-1.10.0.tgz#ca4c1b431a765c14ac7f773e92e0fd9377ccf578"
@@ -22307,6 +22368,28 @@ web3-utils@1.10.0, web3-utils@^1.0.0-beta.31:
     randombytes "^2.1.0"
     utf8 "3.0.0"
 
+web3-utils@4.2.1:
+  version "4.2.1"
+  resolved "https://registry.yarnpkg.com/web3-utils/-/web3-utils-4.2.1.tgz#326bc6e9e4d047f7b38ba68bee1399c4f9f621e3"
+  integrity sha512-Fk29BlEqD9Q9Cnw4pBkKw7czcXiRpsSco/BzEUl4ye0ZTSHANQFfjsfQmNm4t7uY11u6Ah+8F3tNjBeU4CA80A==
+  dependencies:
+    ethereum-cryptography "^2.0.0"
+    eventemitter3 "^5.0.1"
+    web3-errors "^1.1.4"
+    web3-types "^1.5.0"
+    web3-validator "^2.0.4"
+
+web3-validator@^2.0.4:
+  version "2.0.4"
+  resolved "https://registry.yarnpkg.com/web3-validator/-/web3-validator-2.0.4.tgz#66f34c94f21a3c94d0dc2a2d30deb8a379825d38"
+  integrity sha512-qRxVePwdW+SByOmTpDZFWHIUAa7PswvxNszrOua6BoGqAhERo5oJZBN+EbWtK/+O+ApNxt5FR3nCPmiZldiOQA==
+  dependencies:
+    ethereum-cryptography "^2.0.0"
+    util "^0.12.5"
+    web3-errors "^1.1.4"
+    web3-types "^1.3.1"
+    zod "^3.21.4"
+
 web3@1.10.0:
   version "1.10.0"
   resolved "https://registry.yarnpkg.com/web3/-/web3-1.10.0.tgz#2fde0009f59aa756c93e07ea2a7f3ab971091274"
@@ -23129,6 +23212,11 @@ z-schema@~5.0.2:
   optionalDependencies:
     commander "^10.0.0"
 
+zod@^3.21.4:
+  version "3.22.4"
+  resolved "https://registry.yarnpkg.com/zod/-/zod-3.22.4.tgz#f31c3a9386f61b1f228af56faa9255e845cf3fff"
+  integrity sha512-iC+8Io04lddc+mVqQ9AZ7OQ2MrUKGN+oIQyq1vemgt46jwCwLfhq7/pwnBnNXXXZb8VTVLKwp9EDkx+ryxIWmg==
+
 zustand@^4.0.0:
   version "4.0.0"
   resolved "https://registry.yarnpkg.com/zustand/-/zustand-4.0.0.tgz#739cba69209ffe67b31e7d6741c25b51496114a7"