diff --git a/Cargo.lock b/Cargo.lock
index e5bcd8e7..9ea0a796 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -509,6 +509,16 @@ dependencies = [
  "sha2 0.9.9",
 ]
 
+[[package]]
+name = "bs58"
+version = "0.5.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "f5353f36341f7451062466f0b755b96ac3a9547e4d7f6b70d603fc721a7d7896"
+dependencies = [
+ "sha2 0.10.6",
+ "tinyvec",
+]
+
 [[package]]
 name = "bstr"
 version = "1.4.0"
@@ -5588,7 +5598,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "52be35a205369d480378646bff9c9fedafd8efe8af1e0e54bb858f405883f2b2"
 dependencies = [
  "bech32",
- "bs58",
+ "bs58 0.4.0",
  "f4jumble",
  "zcash_encoding",
 ]
@@ -5726,7 +5736,7 @@ dependencies = [
  "bitvec",
  "blake2b_simd",
  "blake2s_simd",
- "bs58",
+ "bs58 0.5.0",
  "byteorder",
  "chrono",
  "color-eyre",
diff --git a/deny.toml b/deny.toml
index 721cadef..683aa100 100644
--- a/deny.toml
+++ b/deny.toml
@@ -63,6 +63,9 @@ skip-tree = [
     # wait for zcash_primitives to remove duplicated dependencies
     { name = "block-buffer", version = "=0.9.0" },
 
+    # wait for zcash_address to upgrade
+    { name = "bs58", version = "=0.4.0" },
+
     # zebra-utils dependencies
 
     # wait for structopt upgrade (or upgrade to clap 4)
diff --git a/zebra-chain/Cargo.toml b/zebra-chain/Cargo.toml
index 2aae1373..4f1bfb25 100644
--- a/zebra-chain/Cargo.toml
+++ b/zebra-chain/Cargo.toml
@@ -43,7 +43,7 @@ bitflags = "2.2.1"
 bitflags-serde-legacy = "0.1.1"
 blake2b_simd = "1.0.1"
 blake2s_simd = "1.0.1"
-bs58 = { version = "0.4.0", features = ["check"] }
+bs58 = { version = "0.5.0", features = ["check"] }
 byteorder = "1.4.3"
 equihash = "0.2.0"
 group = "0.13.0"