diff --git a/package.json b/package.json
index aa50ae17..43cb3157 100644
--- a/package.json
+++ b/package.json
@@ -48,6 +48,7 @@
     "@metamask/utils": "^8.1.0"
   },
   "devDependencies": {
+    "@ethereumjs/wallet": "^2.0.0",
     "@lavamoat/allow-scripts": "^2.3.1",
     "@lavamoat/preinstall-always-fail": "^1.0.0",
     "@metamask/auto-changelog": "^3.0.0",
@@ -67,7 +68,6 @@
     "eslint-plugin-jsdoc": "^40.0.3",
     "eslint-plugin-node": "^11.1.0",
     "eslint-plugin-prettier": "^4.2.1",
-    "ethereumjs-wallet": "^1.0.2",
     "jest": "^29.0.0",
     "jest-it-up": "^2.0.2",
     "prettier": "^2.8.1",
@@ -90,10 +90,6 @@
   "lavamoat": {
     "allowScripts": {
       "@lavamoat/preinstall-always-fail": false,
-      "eth-sig-util>ethereumjs-util>keccak": false,
-      "eth-sig-util>ethereumjs-util>secp256k1": false,
-      "ethereumjs-wallet>ethereum-cryptography>keccak": false,
-      "ethereumjs-wallet>ethereum-cryptography>secp256k1": false,
       "@metamask/eth-hd-keyring>eth-simple-keyring>eth-sig-util>ethereumjs-util>keccak": false,
       "@metamask/eth-hd-keyring>eth-simple-keyring>eth-sig-util>ethereumjs-util>secp256k1": false
     }
diff --git a/src/KeyringController.test.ts b/src/KeyringController.test.ts
index 86fc9cea..b792fe02 100644
--- a/src/KeyringController.test.ts
+++ b/src/KeyringController.test.ts
@@ -1,8 +1,9 @@
+import { Wallet } from '@ethereumjs/wallet';
 import HdKeyring from '@metamask/eth-hd-keyring';
 import { normalize as normalizeAddress } from '@metamask/eth-sig-util';
 import type { Hex } from '@metamask/utils';
+import { bytesToHex } from '@metamask/utils';
 import { strict as assert } from 'assert';
-import Wallet from 'ethereumjs-wallet';
 import * as sinon from 'sinon';
 
 import { KeyringController, keyringBuilderFactory } from '.';
@@ -860,7 +861,7 @@ describe('KeyringController', () => {
       );
 
       const wallet = Wallet.fromPrivateKey(Buffer.from(privateAppKey, 'hex'));
-      const recoveredAddress = `0x${wallet.getAddress().toString('hex')}`;
+      const recoveredAddress = bytesToHex(wallet.getAddress());
 
       expect(recoveredAddress).toBe(appKeyAddress);
       expect(privateAppKey).not.toBe(privateKey);
diff --git a/yarn.lock b/yarn.lock
index c64f74c1..310c87b0 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -500,6 +500,15 @@ __metadata:
   languageName: node
   linkType: hard
 
+"@ethereumjs/rlp@npm:^5.0.0":
+  version: 5.0.0
+  resolution: "@ethereumjs/rlp@npm:5.0.0"
+  bin:
+    rlp: bin/rlp
+  checksum: 86d42f88945f25fc2874f80efc4d4c37cc85fc375920134392b658c0140346fb22b815e73680b87d1fea3ae55ad6ca42ea9fec7150583be496577b01bffb9e58
+  languageName: node
+  linkType: hard
+
 "@ethereumjs/tx@npm:^4.1.2, @ethereumjs/tx@npm:^4.2.0":
   version: 4.2.0
   resolution: "@ethereumjs/tx@npm:4.2.0"
@@ -523,6 +532,34 @@ __metadata:
   languageName: node
   linkType: hard
 
+"@ethereumjs/util@npm:^9.0.0":
+  version: 9.0.0
+  resolution: "@ethereumjs/util@npm:9.0.0"
+  dependencies:
+    "@ethereumjs/rlp": ^5.0.0
+    ethereum-cryptography: ^2.1.2
+  peerDependencies:
+    c-kzg: ^2.1.0
+  peerDependenciesMeta:
+    c-kzg:
+      optional: true
+  checksum: c0e2a50aac614a8167df060f0fe6d7b9805adebd83df81a26b596c92eb76454e2e6f25d8f5b9e49cb629355020a8a07feb4d6c1b8238990dcf82e256153bf328
+  languageName: node
+  linkType: hard
+
+"@ethereumjs/wallet@npm:^2.0.0":
+  version: 2.0.0
+  resolution: "@ethereumjs/wallet@npm:2.0.0"
+  dependencies:
+    "@ethereumjs/util": ^9.0.0
+    "@scure/base": ^1.1.1
+    ethereum-cryptography: ^2.1.2
+    js-md5: ^0.7.3
+    uuid: ^9.0.0
+  checksum: b2d1e39e6660a041b272538db253646292df52bfbae860d55434890716deccab1ad8323c2f3b02d19a0adf7c1f9cb9289fd654972177f1c86e6c3e63605aefb0
+  languageName: node
+  linkType: hard
+
 "@gar/promisify@npm:^1.1.3":
   version: 1.1.3
   resolution: "@gar/promisify@npm:1.1.3"
@@ -1029,6 +1066,7 @@ __metadata:
   resolution: "@metamask/eth-keyring-controller@workspace:."
   dependencies:
     "@ethereumjs/tx": ^4.2.0
+    "@ethereumjs/wallet": ^2.0.0
     "@lavamoat/allow-scripts": ^2.3.1
     "@lavamoat/preinstall-always-fail": ^1.0.0
     "@metamask/auto-changelog": ^3.0.0
@@ -1054,7 +1092,6 @@ __metadata:
     eslint-plugin-jsdoc: ^40.0.3
     eslint-plugin-node: ^11.1.0
     eslint-plugin-prettier: ^4.2.1
-    ethereumjs-wallet: ^1.0.2
     jest: ^29.0.0
     jest-it-up: ^2.0.2
     prettier: ^2.8.1
@@ -1276,10 +1313,10 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@scure/base@npm:~1.1.0":
-  version: 1.1.1
-  resolution: "@scure/base@npm:1.1.1"
-  checksum: b4fc810b492693e7e8d0107313ac74c3646970c198bbe26d7332820886fa4f09441991023ec9aa3a2a51246b74409ab5ebae2e8ef148bbc253da79ac49130309
+"@scure/base@npm:^1.1.1, @scure/base@npm:~1.1.0":
+  version: 1.1.3
+  resolution: "@scure/base@npm:1.1.3"
+  checksum: 1606ab8a4db898cb3a1ada16c15437c3bce4e25854fadc8eb03ae93cbbbac1ed90655af4b0be3da37e12056fef11c0374499f69b9e658c9e5b7b3e06353c630c
   languageName: node
   linkType: hard
 
@@ -1453,15 +1490,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/bn.js@npm:^5.1.0":
-  version: 5.1.1
-  resolution: "@types/bn.js@npm:5.1.1"
-  dependencies:
-    "@types/node": "*"
-  checksum: e50ed2dd3abe997e047caf90e0352c71e54fc388679735217978b4ceb7e336e51477791b715f49fd77195ac26dd296c7bad08a3be9750e235f9b2e1edb1b51c2
-  languageName: node
-  linkType: hard
-
 "@types/debug@npm:^4.1.7":
   version: 4.1.7
   resolution: "@types/debug@npm:4.1.7"
@@ -1557,15 +1585,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/pbkdf2@npm:^3.0.0":
-  version: 3.1.0
-  resolution: "@types/pbkdf2@npm:3.1.0"
-  dependencies:
-    "@types/node": "*"
-  checksum: d15024b1957c21cf3b8887329d9bd8dfde754cf13a09d76ae25f1391cfc62bb8b8d7b760773c5dbaa748172fba8b3e0c3dbe962af6ccbd69b76df12a48dfba40
-  languageName: node
-  linkType: hard
-
 "@types/prettier@npm:^2.1.5":
   version: 2.7.2
   resolution: "@types/prettier@npm:2.7.2"
@@ -1573,15 +1592,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/secp256k1@npm:^4.0.1":
-  version: 4.0.3
-  resolution: "@types/secp256k1@npm:4.0.3"
-  dependencies:
-    "@types/node": "*"
-  checksum: 1bd10b9afa724084b655dc81b7b315def3d2d0e272014ef16009fa76e17537411c07c0695fdea412bc7b36d2a02687f5fea33522d55b8ef29eda42992f812913
-  languageName: node
-  linkType: hard
-
 "@types/semver@npm:^7.3.12":
   version: 7.5.0
   resolution: "@types/semver@npm:7.5.0"
@@ -1851,13 +1861,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"aes-js@npm:^3.1.2":
-  version: 3.1.2
-  resolution: "aes-js@npm:3.1.2"
-  checksum: 062154d50b1e433cc8c3b8ca7879f3a6375d5e79c2a507b2b6c4ec920b4cd851bf2afa7f65c98761a9da89c0ab618cbe6529e8e9a1c71f93290b53128fb8f712
-  languageName: node
-  linkType: hard
-
 "agent-base@npm:6, agent-base@npm:^6.0.2":
   version: 6.0.2
   resolution: "agent-base@npm:6.0.2"
@@ -2163,15 +2166,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"base-x@npm:^3.0.2":
-  version: 3.0.9
-  resolution: "base-x@npm:3.0.9"
-  dependencies:
-    safe-buffer: ^5.0.1
-  checksum: 957101d6fd09e1903e846fd8f69fd7e5e3e50254383e61ab667c725866bec54e5ece5ba49ce385128ae48f9ec93a26567d1d5ebb91f4d56ef4a9cc0d5a5481e8
-  languageName: node
-  linkType: hard
-
 "big-integer@npm:^1.6.44":
   version: 1.6.51
   resolution: "big-integer@npm:1.6.51"
@@ -2198,27 +2192,13 @@ __metadata:
   languageName: node
   linkType: hard
 
-"blakejs@npm:^1.1.0":
-  version: 1.2.1
-  resolution: "blakejs@npm:1.2.1"
-  checksum: d699ba116cfa21d0b01d12014a03e484dd76d483133e6dc9eb415aa70a119f08beb3bcefb8c71840106a00b542cba77383f8be60cd1f0d4589cb8afb922eefbe
-  languageName: node
-  linkType: hard
-
-"bn.js@npm:^4.11.9, bn.js@npm:^4.12.0":
+"bn.js@npm:^4.12.0":
   version: 4.12.0
   resolution: "bn.js@npm:4.12.0"
   checksum: 39afb4f15f4ea537b55eaf1446c896af28ac948fdcf47171961475724d1bb65118cca49fa6e3d67706e4790955ec0e74de584e45c8f1ef89f46c812bee5b5a12
   languageName: node
   linkType: hard
 
-"bn.js@npm:^5.1.2, bn.js@npm:^5.2.0":
-  version: 5.2.1
-  resolution: "bn.js@npm:5.2.1"
-  checksum: 3dd8c8d38055fedfa95c1d5fc3c99f8dd547b36287b37768db0abab3c239711f88ff58d18d155dd8ad902b0b0cee973747b7ae20ea12a09473272b0201c9edd3
-  languageName: node
-  linkType: hard
-
 "bplist-parser@npm:^0.2.0":
   version: 0.2.0
   resolution: "bplist-parser@npm:0.2.0"
@@ -2256,27 +2236,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"brorand@npm:^1.1.0":
-  version: 1.1.0
-  resolution: "brorand@npm:1.1.0"
-  checksum: 8a05c9f3c4b46572dec6ef71012b1946db6cae8c7bb60ccd4b7dd5a84655db49fe043ecc6272e7ef1f69dc53d6730b9e2a3a03a8310509a3d797a618cbee52be
-  languageName: node
-  linkType: hard
-
-"browserify-aes@npm:^1.2.0":
-  version: 1.2.0
-  resolution: "browserify-aes@npm:1.2.0"
-  dependencies:
-    buffer-xor: ^1.0.3
-    cipher-base: ^1.0.0
-    create-hash: ^1.1.0
-    evp_bytestokey: ^1.0.3
-    inherits: ^2.0.1
-    safe-buffer: ^5.0.1
-  checksum: 4a17c3eb55a2aa61c934c286f34921933086bf6d67f02d4adb09fcc6f2fc93977b47d9d884c25619144fccd47b3b3a399e1ad8b3ff5a346be47270114bcf7104
-  languageName: node
-  linkType: hard
-
 "browserslist@npm:^4.21.3":
   version: 4.21.5
   resolution: "browserslist@npm:4.21.5"
@@ -2300,26 +2259,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"bs58@npm:^4.0.0":
-  version: 4.0.1
-  resolution: "bs58@npm:4.0.1"
-  dependencies:
-    base-x: ^3.0.2
-  checksum: b3c5365bb9e0c561e1a82f1a2d809a1a692059fae016be233a6127ad2f50a6b986467c3a50669ce4c18929dcccb297c5909314dd347a25a68c21b68eb3e95ac2
-  languageName: node
-  linkType: hard
-
-"bs58check@npm:^2.1.2":
-  version: 2.1.2
-  resolution: "bs58check@npm:2.1.2"
-  dependencies:
-    bs58: ^4.0.0
-    create-hash: ^1.1.0
-    safe-buffer: ^5.1.2
-  checksum: 43bdf08a5dd04581b78f040bc4169480e17008da482ffe2a6507327bbc4fc5c28de0501f7faf22901cfe57fbca79cbb202ca529003fedb4cb8dccd265b38e54d
-  languageName: node
-  linkType: hard
-
 "bser@npm:2.1.1":
   version: 2.1.1
   resolution: "bser@npm:2.1.1"
@@ -2336,13 +2275,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"buffer-xor@npm:^1.0.3":
-  version: 1.0.3
-  resolution: "buffer-xor@npm:1.0.3"
-  checksum: 10c520df29d62fa6e785e2800e586a20fc4f6dfad84bcdbd12e1e8a83856de1cb75c7ebd7abe6d036bbfab738a6cf18a3ae9c8e5a2e2eb3167ca7399ce65373a
-  languageName: node
-  linkType: hard
-
 "bundle-name@npm:^3.0.0":
   version: 3.0.0
   resolution: "bundle-name@npm:3.0.0"
@@ -2477,16 +2409,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"cipher-base@npm:^1.0.0, cipher-base@npm:^1.0.1, cipher-base@npm:^1.0.3":
-  version: 1.0.4
-  resolution: "cipher-base@npm:1.0.4"
-  dependencies:
-    inherits: ^2.0.1
-    safe-buffer: ^5.0.1
-  checksum: 47d3568dbc17431a339bad1fe7dff83ac0891be8206911ace3d3b818fc695f376df809bea406e759cdea07fff4b454fa25f1013e648851bec790c1d75763032e
-  languageName: node
-  linkType: hard
-
 "cjs-module-lexer@npm:^1.0.0":
   version: 1.2.2
   resolution: "cjs-module-lexer@npm:1.2.2"
@@ -2670,33 +2592,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"create-hash@npm:^1.1.0, create-hash@npm:^1.1.2, create-hash@npm:^1.2.0":
-  version: 1.2.0
-  resolution: "create-hash@npm:1.2.0"
-  dependencies:
-    cipher-base: ^1.0.1
-    inherits: ^2.0.1
-    md5.js: ^1.3.4
-    ripemd160: ^2.0.1
-    sha.js: ^2.4.0
-  checksum: 02a6ae3bb9cd4afee3fabd846c1d8426a0e6b495560a977ba46120c473cb283be6aa1cace76b5f927cf4e499c6146fb798253e48e83d522feba807d6b722eaa9
-  languageName: node
-  linkType: hard
-
-"create-hmac@npm:^1.1.4, create-hmac@npm:^1.1.7":
-  version: 1.1.7
-  resolution: "create-hmac@npm:1.1.7"
-  dependencies:
-    cipher-base: ^1.0.3
-    create-hash: ^1.1.0
-    inherits: ^2.0.1
-    ripemd160: ^2.0.0
-    safe-buffer: ^5.0.1
-    sha.js: ^2.4.8
-  checksum: ba12bb2257b585a0396108c72830e85f882ab659c3320c83584b1037f8ab72415095167ced80dc4ce8e446a8ecc4b2acf36d87befe0707d73b26cf9dc77440ed
-  languageName: node
-  linkType: hard
-
 "create-require@npm:^1.1.0":
   version: 1.1.1
   resolution: "create-require@npm:1.1.1"
@@ -2926,21 +2821,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"elliptic@npm:^6.5.4":
-  version: 6.5.4
-  resolution: "elliptic@npm:6.5.4"
-  dependencies:
-    bn.js: ^4.11.9
-    brorand: ^1.1.0
-    hash.js: ^1.0.0
-    hmac-drbg: ^1.0.1
-    inherits: ^2.0.4
-    minimalistic-assert: ^1.0.1
-    minimalistic-crypto-utils: ^1.0.1
-  checksum: d56d21fd04e97869f7ffcc92e18903b9f67f2d4637a23c860492fbbff5a3155fd9ca0184ce0c865dd6eb2487d234ce9551335c021c376cd2d3b7cb749c7d10f4
-  languageName: node
-  linkType: hard
-
 "emittery@npm:^0.13.1":
   version: 0.13.1
   resolution: "emittery@npm:0.13.1"
@@ -3384,29 +3264,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"ethereum-cryptography@npm:^0.1.3":
-  version: 0.1.3
-  resolution: "ethereum-cryptography@npm:0.1.3"
-  dependencies:
-    "@types/pbkdf2": ^3.0.0
-    "@types/secp256k1": ^4.0.1
-    blakejs: ^1.1.0
-    browserify-aes: ^1.2.0
-    bs58check: ^2.1.2
-    create-hash: ^1.2.0
-    create-hmac: ^1.1.7
-    hash.js: ^1.1.7
-    keccak: ^3.0.0
-    pbkdf2: ^3.0.17
-    randombytes: ^2.1.0
-    safe-buffer: ^5.1.2
-    scrypt-js: ^3.0.0
-    secp256k1: ^4.0.1
-    setimmediate: ^1.0.5
-  checksum: 54bae7a4a96bd81398cdc35c91cfcc74339f71a95ed1b5b694663782e69e8e3afd21357de3b8bac9ff4877fd6f043601e200a7ad9133d94be6fd7d898ee0a449
-  languageName: node
-  linkType: hard
-
 "ethereum-cryptography@npm:^1.1.2":
   version: 1.2.0
   resolution: "ethereum-cryptography@npm:1.2.0"
@@ -3419,44 +3276,15 @@ __metadata:
   languageName: node
   linkType: hard
 
-"ethereum-cryptography@npm:^2.0.0":
-  version: 2.1.1
-  resolution: "ethereum-cryptography@npm:2.1.1"
+"ethereum-cryptography@npm:^2.0.0, ethereum-cryptography@npm:^2.1.2":
+  version: 2.1.2
+  resolution: "ethereum-cryptography@npm:2.1.2"
   dependencies:
     "@noble/curves": 1.1.0
     "@noble/hashes": 1.3.1
     "@scure/bip32": 1.3.1
     "@scure/bip39": 1.2.1
-  checksum: a6e5b41948b6da61640359f15a927c9c79e6fdf5a198eeb16fe9fccdfe87f0feb145e15a61a9b4760f1204e4590679a2a3c5d66ec77d8515b2f129fec502b8dd
-  languageName: node
-  linkType: hard
-
-"ethereumjs-util@npm:^7.1.2":
-  version: 7.1.5
-  resolution: "ethereumjs-util@npm:7.1.5"
-  dependencies:
-    "@types/bn.js": ^5.1.0
-    bn.js: ^5.1.2
-    create-hash: ^1.1.2
-    ethereum-cryptography: ^0.1.3
-    rlp: ^2.2.4
-  checksum: 27a3c79d6e06b2df34b80d478ce465b371c8458b58f5afc14d91c8564c13363ad336e6e83f57eb0bd719fde94d10ee5697ceef78b5aa932087150c5287b286d1
-  languageName: node
-  linkType: hard
-
-"ethereumjs-wallet@npm:^1.0.2":
-  version: 1.0.2
-  resolution: "ethereumjs-wallet@npm:1.0.2"
-  dependencies:
-    aes-js: ^3.1.2
-    bs58check: ^2.1.2
-    ethereum-cryptography: ^0.1.3
-    ethereumjs-util: ^7.1.2
-    randombytes: ^2.1.0
-    scrypt-js: ^3.0.1
-    utf8: ^3.0.0
-    uuid: ^8.3.2
-  checksum: 555effe571c633ca9189e08639928e7bfcb601474f5a37653a3d028b06a10fb8577408c32d425ccecb3ac25d7165322cb9786239fa09ce276532d262206feb8c
+  checksum: 2e8f7b8cc90232ae838ab6a8167708e8362621404d26e79b5d9e762c7b53d699f7520aff358d9254de658fcd54d2d0af168ff909943259ed27dc4cef2736410c
   languageName: node
   linkType: hard
 
@@ -3470,17 +3298,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"evp_bytestokey@npm:^1.0.3":
-  version: 1.0.3
-  resolution: "evp_bytestokey@npm:1.0.3"
-  dependencies:
-    md5.js: ^1.3.4
-    node-gyp: latest
-    safe-buffer: ^5.1.1
-  checksum: ad4e1577f1a6b721c7800dcc7c733fe01f6c310732bb5bf2240245c2a5b45a38518b91d8be2c610611623160b9d1c0e91f1ce96d639f8b53e8894625cf20fa45
-  languageName: node
-  linkType: hard
-
 "execa@npm:^5.0.0, execa@npm:^5.1.1":
   version: 5.1.1
   resolution: "execa@npm:5.1.1"
@@ -3981,38 +3798,6 @@ __metadata:
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-  resolution: "uuid@npm:8.3.2"
+"uuid@npm:^9.0.0":
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+  resolution: "uuid@npm:9.0.0"
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