diff --git a/Cargo.lock b/Cargo.lock
index ad6f8c76c..3598b273b 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -185,7 +185,7 @@ dependencies = [
  "ripemd160",
  "serde",
  "serde_json",
- "sha2 0.9.5",
+ "sha2",
  "sha3 0.9.1",
 ]
 
@@ -195,7 +195,7 @@ version = "1.0.0"
 dependencies = [
  "aurora-engine-types",
  "borsh 0.8.2",
- "sha2 0.9.5",
+ "sha2",
  "sha3 0.9.1",
 ]
 
@@ -1015,16 +1015,6 @@ version = "0.2.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "7a81dae078cea95a014a339291cec439d2f232ebe854a9d672b796c6afafa9b7"
 
-[[package]]
-name = "crypto-mac"
-version = "0.7.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4434400df11d95d556bac068ddfedd482915eb18fe8bea89bc80b6e4b1c179e5"
-dependencies = [
- "generic-array 0.12.4",
- "subtle 1.0.0",
-]
-
 [[package]]
 name = "crypto-mac"
 version = "0.8.0"
@@ -1032,7 +1022,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "b584a330336237c1eecd3e94266efb216c56ed91225d634cb2991c5f3fd1aeab"
 dependencies = [
  "generic-array 0.14.4",
- "subtle 2.4.0",
+ "subtle",
 ]
 
 [[package]]
@@ -1042,7 +1032,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "b1d1a86f49236c215f271d40892d5fc950490551400b02ef360692c29815c714"
 dependencies = [
  "generic-array 0.14.4",
- "subtle 2.4.0",
+ "subtle",
 ]
 
 [[package]]
@@ -1076,7 +1066,7 @@ dependencies = [
  "byteorder",
  "digest 0.9.0",
  "rand_core 0.5.1",
- "subtle 2.4.0",
+ "subtle",
  "zeroize",
 ]
 
@@ -1235,7 +1225,7 @@ dependencies = [
  "ed25519",
  "rand 0.7.3",
  "serde",
- "sha2 0.9.5",
+ "sha2",
  "zeroize",
 ]
 
@@ -1471,12 +1461,6 @@ dependencies = [
  "sha3 0.8.2",
 ]
 
-[[package]]
-name = "fake-simd"
-version = "0.1.2"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e88a8acf291dafb59c2d96e8f59828f3838bb1a70398823ade51a84de6a6deed"
-
 [[package]]
 name = "fallible-iterator"
 version = "0.2.0"
@@ -1799,12 +1783,12 @@ checksum = "7f24254aa9a54b5c858eaee2f5bccdb46aaf0e486a595ed5fd8f86ba55232a70"
 
 [[package]]
 name = "hmac"
-version = "0.7.1"
+version = "0.8.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5dcb5e64cda4c23119ab41ba960d1e170a774c8e4b9d9e6a9bc18aabf5e59695"
+checksum = "126888268dcc288495a26bf004b38c5fdbb31682f992c84ceb046a1f0fe38840"
 dependencies = [
- "crypto-mac 0.7.0",
- "digest 0.8.1",
+ "crypto-mac 0.8.0",
+ "digest 0.9.0",
 ]
 
 [[package]]
@@ -1819,13 +1803,13 @@ dependencies = [
 
 [[package]]
 name = "hmac-drbg"
-version = "0.2.0"
+version = "0.3.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c6e570451493f10f6581b48cdd530413b63ea9e780f544bfd3bdcaa0d89d1a7b"
+checksum = "17ea0a1394df5b6574da6e0c1ade9e78868c9fb0a4e5ef4428e32da4676b85b1"
 dependencies = [
- "digest 0.8.1",
- "generic-array 0.12.4",
- "hmac 0.7.1",
+ "digest 0.9.0",
+ "generic-array 0.14.4",
+ "hmac 0.8.1",
 ]
 
 [[package]]
@@ -2061,20 +2045,52 @@ dependencies = [
 
 [[package]]
 name = "libsecp256k1"
-version = "0.3.5"
+version = "0.7.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1fc1e2c808481a63dc6da2074752fdd4336a3c8fcc68b83db6f1fd5224ae7962"
+checksum = "b0452aac8bab02242429380e9b2f94ea20cea2b37e2c1777a1358799bbe97f37"
 dependencies = [
  "arrayref",
- "crunchy",
- "digest 0.8.1",
+ "base64 0.13.0",
+ "digest 0.9.0",
  "hmac-drbg",
- "rand 0.7.3",
- "sha2 0.8.2",
- "subtle 2.4.0",
+ "libsecp256k1-core",
+ "libsecp256k1-gen-ecmult",
+ "libsecp256k1-gen-genmult",
+ "rand 0.8.3",
+ "serde",
+ "sha2",
  "typenum",
 ]
 
+[[package]]
+name = "libsecp256k1-core"
+version = "0.3.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "5be9b9bb642d8522a44d533eab56c16c738301965504753b03ad1de3425d5451"
+dependencies = [
+ "crunchy",
+ "digest 0.9.0",
+ "subtle",
+]
+
+[[package]]
+name = "libsecp256k1-gen-ecmult"
+version = "0.3.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "3038c808c55c87e8a172643a7d87187fc6c4174468159cb3090659d55bcb4809"
+dependencies = [
+ "libsecp256k1-core",
+]
+
+[[package]]
+name = "libsecp256k1-gen-genmult"
+version = "0.3.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "3db8d6ba2cec9eacc40e6e8ccc98931840301f1006e95647ceb2dd5c3aa06f7c"
+dependencies = [
+ "libsecp256k1-core",
+]
+
 [[package]]
 name = "libssh2-sys"
 version = "0.2.21"
@@ -2345,7 +2361,7 @@ dependencies = [
  "num-rational 0.3.2",
  "serde",
  "serde_json",
- "sha2 0.9.5",
+ "sha2",
  "smart-default",
 ]
 
@@ -2371,7 +2387,7 @@ dependencies = [
  "rand_core 0.5.1",
  "serde",
  "serde_json",
- "subtle 2.4.0",
+ "subtle",
  "thiserror",
 ]
 
@@ -2397,7 +2413,7 @@ dependencies = [
  "rand_core 0.5.1",
  "serde",
  "serde_json",
- "subtle 2.4.0",
+ "subtle",
  "thiserror",
 ]
 
@@ -2422,7 +2438,7 @@ dependencies = [
  "rand_core 0.5.1",
  "serde",
  "serde_json",
- "subtle 2.4.0",
+ "subtle",
  "thiserror",
 ]
 
@@ -2497,7 +2513,7 @@ dependencies = [
  "regex",
  "serde",
  "serde_json",
- "sha2 0.9.5",
+ "sha2",
  "smart-default",
  "validator",
 ]
@@ -2527,7 +2543,7 @@ dependencies = [
  "regex",
  "serde",
  "serde_json",
- "sha2 0.9.5",
+ "sha2",
  "smart-default",
  "validator",
 ]
@@ -2544,7 +2560,7 @@ dependencies = [
  "near-account-id 0.0.0",
  "num-rational 0.3.2",
  "serde",
- "sha2 0.9.5",
+ "sha2",
 ]
 
 [[package]]
@@ -2562,7 +2578,7 @@ dependencies = [
  "num-rational 0.3.2",
  "serde",
  "serde_json",
- "sha2 0.9.5",
+ "sha2",
 ]
 
 [[package]]
@@ -2579,7 +2595,7 @@ dependencies = [
  "num-rational 0.3.2",
  "serde",
  "serde_json",
- "sha2 0.9.5",
+ "sha2",
 ]
 
 [[package]]
@@ -2796,7 +2812,7 @@ dependencies = [
  "near-vm-errors 0.0.0",
  "ripemd160",
  "serde",
- "sha2 0.8.2",
+ "sha2",
  "sha3 0.9.1",
 ]
 
@@ -2816,7 +2832,7 @@ dependencies = [
  "near-vm-errors 3.0.0 (git+https://github.com/near/nearcore.git?rev=8a377fda0b4ce319385c463f1ae46e4b0b29dcd9)",
  "ripemd160",
  "serde",
- "sha2 0.9.5",
+ "sha2",
  "sha3 0.9.1",
 ]
 
@@ -2836,7 +2852,7 @@ dependencies = [
  "near-vm-errors 3.0.0 (git+https://github.com/near/nearcore.git?rev=8a37d39629885a41dde58b60642bcf1e99407d90)",
  "ripemd160",
  "serde",
- "sha2 0.9.5",
+ "sha2",
  "sha3 0.9.1",
 ]
 
@@ -3359,7 +3375,7 @@ dependencies = [
  "md-5",
  "memchr",
  "rand 0.8.3",
- "sha2 0.9.5",
+ "sha2",
  "stringprep",
 ]
 
@@ -4001,18 +4017,6 @@ dependencies = [
  "serde",
 ]
 
-[[package]]
-name = "sha2"
-version = "0.8.2"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a256f46ea78a0c0d9ff00077504903ac881a1dafdc20da66545699e7776b3e69"
-dependencies = [
- "block-buffer 0.7.3",
- "digest 0.8.1",
- "fake-simd",
- "opaque-debug 0.2.3",
-]
-
 [[package]]
 name = "sha2"
 version = "0.9.5"
@@ -4157,12 +4161,6 @@ dependencies = [
  "syn",
 ]
 
-[[package]]
-name = "subtle"
-version = "1.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2d67a5a62ba6e01cb2192ff309324cb4875d0c451d55fe2319433abe7a05a8ee"
-
 [[package]]
 name = "subtle"
 version = "2.4.0"
diff --git a/engine-precompiles/Cargo.toml b/engine-precompiles/Cargo.toml
index b05e074b3..b97185501 100644
--- a/engine-precompiles/Cargo.toml
+++ b/engine-precompiles/Cargo.toml
@@ -21,7 +21,7 @@ borsh = { version = "0.8.2", default-features = false }
 bn = { package = "aurora-bn", git = "https://github.com/aurora-is-near/aurora-bn.git", default-features = false }
 evm = { git = "https://github.com/aurora-is-near/sputnikvm.git", rev = "37448b6cacd98b06282cff5a559684505c29bd2b", default-features = false }
 evm-core = { git = "https://github.com/aurora-is-near/sputnikvm.git", rev = "37448b6cacd98b06282cff5a559684505c29bd2b", default-features = false }
-libsecp256k1 = { version = "0.3.5", default-features = false }
+libsecp256k1 = { version = "0.7.0", default-features = false }
 num = { version = "0.4.0", default-features = false, features = ["alloc"] }
 primitive-types = { version = "0.10.0", default-features = false, features = ["rlp"] }
 ripemd160 = { version = "0.9.1", default-features = false }
diff --git a/engine-precompiles/src/secp256k1.rs b/engine-precompiles/src/secp256k1.rs
index 0b3dbfe26..a3889a8c9 100644
--- a/engine-precompiles/src/secp256k1.rs
+++ b/engine-precompiles/src/secp256k1.rs
@@ -32,16 +32,16 @@ pub fn ecrecover(hash: H256, signature: &[u8]) -> Result<Address, ExitError> {
 fn internal_impl(hash: H256, signature: &[u8]) -> Result<Address, ExitError> {
     use sha3::Digest;
 
-    let hash = secp256k1::Message::parse_slice(hash.as_bytes()).unwrap();
+    let hash = libsecp256k1::Message::parse_slice(hash.as_bytes()).unwrap();
     let v = signature[64];
-    let signature = secp256k1::Signature::parse_slice(&signature[0..64]).unwrap();
+    let signature = libsecp256k1::Signature::parse_standard_slice(&signature[0..64]).unwrap();
     let bit = match v {
         0..=26 => v,
         _ => v - 27,
     };
 
-    if let Ok(recovery_id) = secp256k1::RecoveryId::parse(bit) {
-        if let Ok(public_key) = secp256k1::recover(&hash, &signature, &recovery_id) {
+    if let Ok(recovery_id) = libsecp256k1::RecoveryId::parse(bit) {
+        if let Ok(public_key) = libsecp256k1::recover(&hash, &signature, &recovery_id) {
             // recover returns a 65-byte key, but addresses come from the raw 64-byte key
             let r = sha3::Keccak256::digest(&public_key.serialize()[1..]);
             return Address::try_from_slice(&r[12..])
diff --git a/engine-tests/Cargo.toml b/engine-tests/Cargo.toml
index ff5633be3..8bc705063 100644
--- a/engine-tests/Cargo.toml
+++ b/engine-tests/Cargo.toml
@@ -42,7 +42,7 @@ near-vm-runner = { git = "https://github.com/near/nearcore.git", rev = "83fc0f7d
 near-vm-logic = { git = "https://github.com/near/nearcore.git", rev = "83fc0f7d6b212bacc49f058e7400743de3e59783" }
 near-primitives-core = { git = "https://github.com/near/nearcore.git", rev = "83fc0f7d6b212bacc49f058e7400743de3e59783" }
 near-primitives = { git = "https://github.com/near/nearcore.git", rev = "83fc0f7d6b212bacc49f058e7400743de3e59783" }
-libsecp256k1 = "0.3.5"
+libsecp256k1 = "0.7.0"
 rand = "0.7.3"
 criterion = "0.3.4"
 git2 = "0.13"
diff --git a/engine-tests/src/test_utils/mod.rs b/engine-tests/src/test_utils/mod.rs
index 94b43e8ee..b3780dd3e 100644
--- a/engine-tests/src/test_utils/mod.rs
+++ b/engine-tests/src/test_utils/mod.rs
@@ -12,7 +12,7 @@ use near_vm_logic::types::ReturnData;
 use near_vm_logic::{VMContext, VMOutcome, ViewConfig};
 use near_vm_runner::{MockCompiledContractCache, VMError};
 use rlp::RlpStream;
-use secp256k1::{self, Message, PublicKey, SecretKey};
+use libsecp256k1::{self, Message, PublicKey, SecretKey};
 
 use crate::prelude::fungible_token::{FungibleToken, FungibleTokenMetadata};
 use crate::prelude::parameters::{InitCallArgs, NewCallArgs, SubmitResult, TransactionStatus};
@@ -694,7 +694,7 @@ pub(crate) fn sign_transaction(
     let message_hash = sdk::keccak(rlp_stream.as_raw());
     let message = Message::parse_slice(message_hash.as_bytes()).unwrap();
 
-    let (signature, recovery_id) = secp256k1::sign(&message, secret_key);
+    let (signature, recovery_id) = libsecp256k1::sign(&message, secret_key);
     let v: u64 = match chain_id {
         Some(chain_id) => (recovery_id.serialize() as u64) + 2 * chain_id + 35,
         None => (recovery_id.serialize() as u64) + 27,
@@ -719,7 +719,7 @@ pub(crate) fn sign_access_list_transaction(
     let message_hash = sdk::keccak(rlp_stream.as_raw());
     let message = Message::parse_slice(message_hash.as_bytes()).unwrap();
 
-    let (signature, recovery_id) = secp256k1::sign(&message, secret_key);
+    let (signature, recovery_id) = libsecp256k1::sign(&message, secret_key);
     let r = U256::from_big_endian(&signature.r.b32());
     let s = U256::from_big_endian(&signature.s.b32());
 
@@ -741,7 +741,7 @@ pub(crate) fn sign_eip_1559_transaction(
     let message_hash = sdk::keccak(rlp_stream.as_raw());
     let message = Message::parse_slice(message_hash.as_bytes()).unwrap();
 
-    let (signature, recovery_id) = secp256k1::sign(&message, secret_key);
+    let (signature, recovery_id) = libsecp256k1::sign(&message, secret_key);
     let r = U256::from_big_endian(&signature.r.b32());
     let s = U256::from_big_endian(&signature.s.b32());
 
diff --git a/engine-tests/src/tests/access_lists.rs b/engine-tests/src/tests/access_lists.rs
index 4e44678c4..bdb0b76e4 100644
--- a/engine-tests/src/tests/access_lists.rs
+++ b/engine-tests/src/tests/access_lists.rs
@@ -10,7 +10,7 @@ use std::iter;
 // TODO(#170): generally support Ethereum tests
 #[test]
 fn test_access_list_tx_encoding_decoding() {
-    let secret_key = secp256k1::SecretKey::parse_slice(
+    let secret_key = libsecp256k1::SecretKey::parse_slice(
         &hex::decode("45a915e4d060149eb4365960e6a7a45f334393093061116b197e3240065ff2d8").unwrap(),
     )
     .unwrap();
diff --git a/engine/Cargo.toml b/engine/Cargo.toml
index 8241b8eba..aa63774d3 100644
--- a/engine/Cargo.toml
+++ b/engine/Cargo.toml
@@ -25,7 +25,7 @@ borsh = { version = "0.8.2", default-features = false }
 bn = { package = "aurora-bn", git = "https://github.com/aurora-is-near/aurora-bn.git", default-features = false }
 evm = { git = "https://github.com/aurora-is-near/sputnikvm.git", rev = "37448b6cacd98b06282cff5a559684505c29bd2b", default-features = false }
 evm-core = { git = "https://github.com/aurora-is-near/sputnikvm.git", rev = "37448b6cacd98b06282cff5a559684505c29bd2b", default-features = false }
-libsecp256k1 = { version = "0.3.5", default-features = false }
+libsecp256k1 = { version = "0.7.0", default-features = false }
 num = { version = "0.4.0", default-features = false, features = ["alloc"] }
 primitive-types = { version = "0.10.0", default-features = false, features = ["rlp"] }
 ripemd160 = { version = "0.9.1", default-features = false }