diff --git a/packages/cli/package.json b/packages/cli/package.json
index 06389156a..a0d7f6ebb 100644
--- a/packages/cli/package.json
+++ b/packages/cli/package.json
@@ -70,7 +70,7 @@
     "prompts": "^2.0.1",
     "randombytes": "^2.0.1",
     "web3": "1.10.4",
-    "web3-utils": "^1.10.4"
+    "web3-utils": "^4.0.0"
   },
   "devDependencies": {
     "@celo/celo-devchain": "^7.0.0",
diff --git a/packages/sdk/base/package.json b/packages/sdk/base/package.json
index 620c9b1ac..fdd896b46 100644
--- a/packages/sdk/base/package.json
+++ b/packages/sdk/base/package.json
@@ -25,6 +25,6 @@
     "@celo/typescript": "0.0.1",
     "bignumber.js": "^9.0.0",
     "elliptic": "^6.5.4",
-    "web3-utils": "1.10.4"
+    "web3-utils": "4.2.1"
   }
 }
diff --git a/packages/sdk/phone-utils/package.json b/packages/sdk/phone-utils/package.json
index 6385f7b20..dd253bb4a 100644
--- a/packages/sdk/phone-utils/package.json
+++ b/packages/sdk/phone-utils/package.json
@@ -31,7 +31,7 @@
     "fp-ts": "2.1.1",
     "google-libphonenumber": "^3.2.27",
     "io-ts": "2.0.1",
-    "web3-utils": "^1.10.0"
+    "web3-utils": "^4.0.0"
   },
   "devDependencies": {
     "@celo/typescript": "0.0.1"
diff --git a/packages/sdk/utils/package.json b/packages/sdk/utils/package.json
index 655a6940f..309c365f5 100644
--- a/packages/sdk/utils/package.json
+++ b/packages/sdk/utils/package.json
@@ -33,7 +33,7 @@
     "io-ts": "2.0.1",
     "rlp": "^2.2.4",
     "web3-eth-abi": "1.10.4",
-    "web3-utils": "1.10.4"
+    "web3-utils": "4.2.1"
   },
   "devDependencies": {
     "@celo/typescript": "0.0.1"
diff --git a/yarn.lock b/yarn.lock
index a53cf7d5e..1d42c90d6 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1557,7 +1557,7 @@ __metadata:
     "@celo/typescript": "npm:0.0.1"
     bignumber.js: "npm:^9.0.0"
     elliptic: "npm:^6.5.4"
-    web3-utils: "npm:1.10.4"
+    web3-utils: "npm:4.2.1"
   languageName: unknown
   linkType: soft
 
@@ -1644,7 +1644,7 @@ __metadata:
     ts-node: "npm:^10.9.1"
     typescript: "npm:5.3.3"
     web3: "npm:1.10.4"
-    web3-utils: "npm:^1.10.4"
+    web3-utils: "npm:^4.0.0"
   bin:
     celocli: ./bin/run.js
     dev: .bin/dev.js
@@ -1924,7 +1924,7 @@ __metadata:
     fp-ts: "npm:2.1.1"
     google-libphonenumber: "npm:^3.2.27"
     io-ts: "npm:2.0.1"
-    web3-utils: "npm:^1.10.0"
+    web3-utils: "npm:^4.0.0"
   languageName: unknown
   linkType: soft
 
@@ -1988,7 +1988,7 @@ __metadata:
     io-ts: "npm:2.0.1"
     rlp: "npm:^2.2.4"
     web3-eth-abi: "npm:1.10.4"
-    web3-utils: "npm:1.10.4"
+    web3-utils: "npm:4.2.1"
   languageName: unknown
   linkType: soft
 
@@ -10142,6 +10142,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"eventemitter3@npm:^5.0.1":
+  version: 5.0.1
+  resolution: "eventemitter3@npm:5.0.1"
+  checksum: ac6423ec31124629c84c7077eed1e6987f6d66c31cf43c6fcbf6c87791d56317ce808d9ead483652436df171b526fc7220eccdc9f3225df334e81582c3cf7dd5
+  languageName: node
+  linkType: hard
+
 "events@npm:1.1.1":
   version: 1.1.1
   resolution: "events@npm:1.1.1"
@@ -19931,6 +19938,15 @@ __metadata:
   languageName: node
   linkType: hard
 
+"web3-errors@npm:^1.1.4":
+  version: 1.1.4
+  resolution: "web3-errors@npm:1.1.4"
+  dependencies:
+    web3-types: "npm:^1.3.1"
+  checksum: b0773a7df2338efc624963e55719894386303703ce393e5ce677fef0c7b4a5293556530386577010f1086a9fa7534346b83c4fc014e79c1107950e20a047b2f2
+  languageName: node
+  linkType: hard
+
 "web3-eth-abi@npm:1.10.0":
   version: 1.10.0
   resolution: "web3-eth-abi@npm:1.10.0"
@@ -20251,6 +20267,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"web3-types@npm:^1.3.1, web3-types@npm:^1.5.0":
+  version: 1.5.0
+  resolution: "web3-types@npm:1.5.0"
+  checksum: e0146bb69db33303d2e20113b4ccb59696a0f47e4dffb8c49ad96b19e9712a30a881def3771bad8de1fa3ea864b0ebb661cb4907edfaeb5af81abac97ed89d6b
+  languageName: node
+  linkType: hard
+
 "web3-utils@npm:1.10.0":
   version: 1.10.0
   resolution: "web3-utils@npm:1.10.0"
@@ -20266,7 +20289,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"web3-utils@npm:1.10.4, web3-utils@npm:^1.10.4":
+"web3-utils@npm:1.10.4":
   version: 1.10.4
   resolution: "web3-utils@npm:1.10.4"
   dependencies:
@@ -20282,7 +20305,20 @@ __metadata:
   languageName: node
   linkType: hard
 
-"web3-utils@npm:^1.0.0-beta.31, web3-utils@npm:^1.10.0":
+"web3-utils@npm:4.2.1, web3-utils@npm:^4.0.0":
+  version: 4.2.1
+  resolution: "web3-utils@npm:4.2.1"
+  dependencies:
+    ethereum-cryptography: "npm:^2.0.0"
+    eventemitter3: "npm:^5.0.1"
+    web3-errors: "npm:^1.1.4"
+    web3-types: "npm:^1.5.0"
+    web3-validator: "npm:^2.0.4"
+  checksum: 1b9ab1d4f5b1cfb820ad9b72d6362ed553b19a94555cf52a25064079c8b00d398c6c311dcba787cde6a6ccf68ff36103eb808190451d7d6fe2d545111bac57bb
+  languageName: node
+  linkType: hard
+
+"web3-utils@npm:^1.0.0-beta.31":
   version: 1.10.3
   resolution: "web3-utils@npm:1.10.3"
   dependencies:
@@ -20298,6 +20334,19 @@ __metadata:
   languageName: node
   linkType: hard
 
+"web3-validator@npm:^2.0.4":
+  version: 2.0.4
+  resolution: "web3-validator@npm:2.0.4"
+  dependencies:
+    ethereum-cryptography: "npm:^2.0.0"
+    util: "npm:^0.12.5"
+    web3-errors: "npm:^1.1.4"
+    web3-types: "npm:^1.3.1"
+    zod: "npm:^3.21.4"
+  checksum: 64e8126debf507afd029c2f54ee5dfd829f0cb5c47ecad6a99b254bd0132e71ba02f1191098b514debd2df07ac3bac9254c8058b98af3138e242defac7224378
+  languageName: node
+  linkType: hard
+
 "web3@npm:1.10.0":
   version: 1.10.0
   resolution: "web3@npm:1.10.0"
@@ -21027,3 +21076,10 @@ __metadata:
   checksum: f77b3d8d00310def622123df93d4ee654fc6a0096182af8bd60679ddcdfb3474c56c6c7190817c84a2785648cdee9d721c0154eb45698c62176c322fb46fc700
   languageName: node
   linkType: hard
+
+"zod@npm:^3.21.4":
+  version: 3.22.4
+  resolution: "zod@npm:3.22.4"
+  checksum: 73622ca36a916f785cf528fe612a884b3e0f183dbe6b33365a7d0fc92abdbedf7804c5e2bd8df0a278e1472106d46674281397a3dd800fa9031dc3429758c6ac
+  languageName: node
+  linkType: hard