diff --git a/package-lock.json b/package-lock.json
index 4bc408aa..dbfa8c64 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
 	"name": "@cheqd/studio",
-	"version": "3.16.1-develop.6",
+	"version": "3.16.1",
 	"lockfileVersion": 3,
 	"requires": true,
 	"packages": {
 		"": {
 			"name": "@cheqd/studio",
-			"version": "3.16.1-develop.6",
+			"version": "3.16.1",
 			"license": "Apache-2.0",
 			"dependencies": {
 				"@cheqd/did-provider-cheqd": "^4.8.0",
@@ -73,7 +73,7 @@
 				"@semantic-release/npm": "^13.1.2",
 				"@semantic-release/release-notes-generator": "^14.0.3",
 				"@types/bcrypt": "^5.0.2",
-				"@types/bs58": "^4.0.4",
+				"@types/bs58": "^5.0.0",
 				"@types/cookie-parser": "^1.4.8",
 				"@types/cors": "^2.8.17",
 				"@types/debug": "^4.1.12",
@@ -17255,14 +17255,14 @@
 			}
 		},
 		"node_modules/@types/bs58": {
-			"version": "4.0.4",
-			"resolved": "https://registry.npmjs.org/@types/bs58/-/bs58-4.0.4.tgz",
-			"integrity": "sha512-0IEpMFXXQi2zXaXl9GJ3sRwQo0uEkD+yFOv+FnAU5lkPtcu6h61xb7jc2CFPEZ5BUOaiP13ThuGc9HD4R8lR5g==",
+			"version": "5.0.0",
+			"resolved": "https://registry.npmjs.org/@types/bs58/-/bs58-5.0.0.tgz",
+			"integrity": "sha512-cAw/jKBzo98m6Xz1X5ETqymWfIMbXbu6nK15W4LQYjeHJkVqSmM5PO8Bd9KVHQJ/F4rHcSso9LcjtgCW6TGu2w==",
+			"deprecated": "This is a stub types definition. bs58 provides its own type definitions, so you do not need this installed.",
 			"dev": true,
 			"license": "MIT",
 			"dependencies": {
-				"@types/node": "*",
-				"base-x": "^3.0.6"
+				"bs58": "*"
 			}
 		},
 		"node_modules/@types/connect": {
@@ -29652,7 +29652,6 @@
 			"version": "2.3.3",
 			"resolved": "https://registry.npmjs.org/fsevents/-/fsevents-2.3.3.tgz",
 			"integrity": "sha512-5xoDfX+fL7faATnagmWPpbFtwh/R77WmMMqqHGS65C3vvB0YHrgF+B1YmZ3441tMj5n63k0212XNoJwzlhffQw==",
-			"dev": true,
 			"hasInstallScript": true,
 			"license": "MIT",
 			"optional": true,
diff --git a/package.json b/package.json
index f44a6960..50e2aabd 100644
--- a/package.json
+++ b/package.json
@@ -118,7 +118,7 @@
 		"@semantic-release/npm": "^13.1.2",
 		"@semantic-release/release-notes-generator": "^14.0.3",
 		"@types/bcrypt": "^5.0.2",
-		"@types/bs58": "^4.0.4",
+		"@types/bs58": "^5.0.0",
 		"@types/cookie-parser": "^1.4.8",
 		"@types/cors": "^2.8.17",
 		"@types/debug": "^4.1.12",