diff --git a/libp2p/host/basic_host.py b/libp2p/host/basic_host.py
index bfe202c..7c783d9 100644
--- a/libp2p/host/basic_host.py
+++ b/libp2p/host/basic_host.py
@@ -1,12 +1,15 @@
+import logging
 from typing import List, Sequence
 
 import multiaddr
 
+from libp2p.host.exceptions import StreamFailure
 from libp2p.network.network_interface import INetwork
 from libp2p.network.stream.net_stream_interface import INetStream
 from libp2p.peer.id import ID
 from libp2p.peer.peerinfo import PeerInfo
 from libp2p.peer.peerstore_interface import IPeerStore
+from libp2p.protocol_muxer.exceptions import MultiselectClientError, MultiselectError
 from libp2p.protocol_muxer.multiselect import Multiselect
 from libp2p.protocol_muxer.multiselect_client import MultiselectClient
 from libp2p.protocol_muxer.multiselect_communicator import MultiselectCommunicator
@@ -21,6 +24,10 @@ from .host_interface import IHost
 # telling it to listen on the given listen addresses.
 
 
+logger = logging.getLogger("libp2p.network.basic_host")
+logger.setLevel(logging.DEBUG)
+
+
 class BasicHost(IHost):
     """
     BasicHost is a wrapper of a `INetwork` implementation. It performs protocol negotiation
@@ -102,9 +109,14 @@ class BasicHost(IHost):
         net_stream = await self._network.new_stream(peer_id)
 
         # Perform protocol muxing to determine protocol to use
-        selected_protocol = await self.multiselect_client.select_one_of(
-            list(protocol_ids), MultiselectCommunicator(net_stream)
-        )
+        try:
+            selected_protocol = await self.multiselect_client.select_one_of(
+                list(protocol_ids), MultiselectCommunicator(net_stream)
+            )
+        except MultiselectClientError as error:
+            logger.debug("fail to open a stream to peer %s, error=%s", peer_id, error)
+            await net_stream.reset()
+            raise StreamFailure("failt to open a stream to peer %s", peer_id) from error
 
         net_stream.set_protocol(selected_protocol)
         return net_stream
@@ -136,8 +148,12 @@ class BasicHost(IHost):
     # Reference: `BasicHost.newStreamHandler` in Go.
     async def _swarm_stream_handler(self, net_stream: INetStream) -> None:
         # Perform protocol muxing to determine protocol to use
-        protocol, handler = await self.multiselect.negotiate(
-            MultiselectCommunicator(net_stream)
-        )
+        try:
+            protocol, handler = await self.multiselect.negotiate(
+                MultiselectCommunicator(net_stream)
+            )
+        except MultiselectError:
+            await net_stream.reset()
+            return
         net_stream.set_protocol(protocol)
         await handler(net_stream)
diff --git a/libp2p/host/exceptions.py b/libp2p/host/exceptions.py
new file mode 100644
index 0000000..ce7b972
--- /dev/null
+++ b/libp2p/host/exceptions.py
@@ -0,0 +1,15 @@
+from libp2p.exceptions import BaseLibp2pError
+
+
+class HostException(BaseLibp2pError):
+    """
+    A generic exception  in `IHost`.
+    """
+
+
+class ConnectionFailure(HostException):
+    pass
+
+
+class StreamFailure(HostException):
+    pass
diff --git a/libp2p/network/connection/exceptions.py b/libp2p/network/connection/exceptions.py
new file mode 100644
index 0000000..ecbf3fa
--- /dev/null
+++ b/libp2p/network/connection/exceptions.py
@@ -0,0 +1,5 @@
+from libp2p.io.exceptions import IOException
+
+
+class RawConnError(IOException):
+    pass
diff --git a/libp2p/network/connection/raw_connection.py b/libp2p/network/connection/raw_connection.py
index fe09c6f..f193f43 100644
--- a/libp2p/network/connection/raw_connection.py
+++ b/libp2p/network/connection/raw_connection.py
@@ -1,5 +1,6 @@
 import asyncio
 
+from .exceptions import RawConnError
 from .raw_connection_interface import IRawConnection
 
 
@@ -23,19 +24,33 @@ class RawConnection(IRawConnection):
         self._drain_lock = asyncio.Lock()
 
     async def write(self, data: bytes) -> None:
-        self.writer.write(data)
+        """
+        Raise `RawConnError` if the underlying connection breaks
+        """
+        try:
+            self.writer.write(data)
+        except ConnectionResetError as error:
+            raise RawConnError(error)
         # Reference: https://github.com/ethereum/lahja/blob/93610b2eb46969ff1797e0748c7ac2595e130aef/lahja/asyncio/endpoint.py#L99-L102  # noqa: E501
         # Use a lock to serialize drain() calls. Circumvents this bug:
         # https://bugs.python.org/issue29930
         async with self._drain_lock:
-            await self.writer.drain()
+            try:
+                await self.writer.drain()
+            except ConnectionResetError as error:
+                raise RawConnError(error)
 
     async def read(self, n: int = -1) -> bytes:
         """
         Read up to ``n`` bytes from the underlying stream.
         This call is delegated directly to the underlying ``self.reader``.
+
+        Raise `RawConnError` if the underlying connection breaks
         """
-        return await self.reader.read(n)
+        try:
+            return await self.reader.read(n)
+        except ConnectionResetError as error:
+            raise RawConnError(error)
 
     async def close(self) -> None:
         self.writer.close()
diff --git a/libp2p/network/stream/exceptions.py b/libp2p/network/stream/exceptions.py
index 58f3ddf..7af28ec 100644
--- a/libp2p/network/stream/exceptions.py
+++ b/libp2p/network/stream/exceptions.py
@@ -1,7 +1,7 @@
-from libp2p.exceptions import BaseLibp2pError
+from libp2p.io.exceptions import IOException
 
 
-class StreamError(BaseLibp2pError):
+class StreamError(IOException):
     pass
 
 
diff --git a/libp2p/network/swarm.py b/libp2p/network/swarm.py
index 6bdeb8f..4fd3bbc 100644
--- a/libp2p/network/swarm.py
+++ b/libp2p/network/swarm.py
@@ -10,7 +10,11 @@ from libp2p.peer.peerstore import PeerStoreError
 from libp2p.peer.peerstore_interface import IPeerStore
 from libp2p.routing.interfaces import IPeerRouting
 from libp2p.stream_muxer.abc import IMuxedConn
-from libp2p.transport.exceptions import MuxerUpgradeFailure, SecurityUpgradeFailure
+from libp2p.transport.exceptions import (
+    MuxerUpgradeFailure,
+    OpenConnectionError,
+    SecurityUpgradeFailure,
+)
 from libp2p.transport.listener_interface import IListener
 from libp2p.transport.transport_interface import ITransport
 from libp2p.transport.upgrader import TransportUpgrader
@@ -99,7 +103,13 @@ class Swarm(INetwork):
             multiaddr = self.router.find_peer(peer_id)
         # Dial peer (connection to peer does not yet exist)
         # Transport dials peer (gets back a raw conn)
-        raw_conn = await self.transport.dial(multiaddr)
+        try:
+            raw_conn = await self.transport.dial(multiaddr)
+        except OpenConnectionError as error:
+            logger.debug("fail to dial peer %s over base transport", peer_id)
+            raise SwarmException(
+                "fail to open connection to peer %s", peer_id
+            ) from error
 
         logger.debug("dialed peer %s over base transport", peer_id)
 
@@ -135,6 +145,7 @@ class Swarm(INetwork):
         """
         :param peer_id: peer_id of destination
         :param protocol_id: protocol id
+        :raises SwarmException: raised when an error occurs
         :return: net stream instance
         """
         logger.debug("attempting to open a stream to peer %s", peer_id)
diff --git a/libp2p/protocol_muxer/exceptions.py b/libp2p/protocol_muxer/exceptions.py
index cf47aca..a34e318 100644
--- a/libp2p/protocol_muxer/exceptions.py
+++ b/libp2p/protocol_muxer/exceptions.py
@@ -1,6 +1,10 @@
 from libp2p.exceptions import BaseLibp2pError
 
 
+class MultiselectCommunicatorError(BaseLibp2pError):
+    """Raised when an error occurs during read/write via communicator"""
+
+
 class MultiselectError(BaseLibp2pError):
     """Raised when an error occurs in multiselect process"""
 
diff --git a/libp2p/protocol_muxer/multiselect.py b/libp2p/protocol_muxer/multiselect.py
index 0c3dc72..a0fa91f 100644
--- a/libp2p/protocol_muxer/multiselect.py
+++ b/libp2p/protocol_muxer/multiselect.py
@@ -2,7 +2,7 @@ from typing import Dict, Tuple
 
 from libp2p.typing import StreamHandlerFn, TProtocol
 
-from .exceptions import MultiselectError
+from .exceptions import MultiselectCommunicatorError, MultiselectError
 from .multiselect_communicator_interface import IMultiselectCommunicator
 from .multiselect_muxer_interface import IMultiselectMuxer
 
@@ -37,7 +37,7 @@ class Multiselect(IMultiselectMuxer):
         Negotiate performs protocol selection
         :param stream: stream to negotiate on
         :return: selected protocol name, handler function
-        :raise Exception: negotiation failed exception
+        :raise MultiselectError: raised when negotiation failed
         """
 
         # Perform handshake to ensure multiselect protocol IDs match
@@ -46,7 +46,10 @@ class Multiselect(IMultiselectMuxer):
         # Read and respond to commands until a valid protocol ID is sent
         while True:
             # Read message
-            command = await communicator.read()
+            try:
+                command = await communicator.read()
+            except MultiselectCommunicatorError as error:
+                raise MultiselectError(error)
 
             # Command is ls or a protocol
             if command == "ls":
@@ -56,27 +59,39 @@ class Multiselect(IMultiselectMuxer):
                 protocol = TProtocol(command)
                 if protocol in self.handlers:
                     # Tell counterparty we have decided on a protocol
-                    await communicator.write(protocol)
+                    try:
+                        await communicator.write(protocol)
+                    except MultiselectCommunicatorError as error:
+                        raise MultiselectError(error)
 
                     # Return the decided on protocol
                     return protocol, self.handlers[protocol]
                 # Tell counterparty this protocol was not found
-                await communicator.write(PROTOCOL_NOT_FOUND_MSG)
+                try:
+                    await communicator.write(PROTOCOL_NOT_FOUND_MSG)
+                except MultiselectCommunicatorError as error:
+                    raise MultiselectError(error)
 
     async def handshake(self, communicator: IMultiselectCommunicator) -> None:
         """
         Perform handshake to agree on multiselect protocol
         :param communicator: communicator to use
-        :raise Exception: error in handshake
+        :raise MultiselectError: raised when handshake failed
         """
 
         # TODO: Use format used by go repo for messages
 
         # Send our MULTISELECT_PROTOCOL_ID to other party
-        await communicator.write(MULTISELECT_PROTOCOL_ID)
+        try:
+            await communicator.write(MULTISELECT_PROTOCOL_ID)
+        except MultiselectCommunicatorError as error:
+            raise MultiselectError(error)
 
         # Read in the protocol ID from other party
-        handshake_contents = await communicator.read()
+        try:
+            handshake_contents = await communicator.read()
+        except MultiselectCommunicatorError as error:
+            raise MultiselectError(error)
 
         # Confirm that the protocols are the same
         if not validate_handshake(handshake_contents):
diff --git a/libp2p/protocol_muxer/multiselect_client.py b/libp2p/protocol_muxer/multiselect_client.py
index fcd55d0..24db70a 100644
--- a/libp2p/protocol_muxer/multiselect_client.py
+++ b/libp2p/protocol_muxer/multiselect_client.py
@@ -2,7 +2,7 @@ from typing import Sequence
 
 from libp2p.typing import TProtocol
 
-from .exceptions import MultiselectClientError
+from .exceptions import MultiselectClientError, MultiselectCommunicatorError
 from .multiselect_client_interface import IMultiselectClient
 from .multiselect_communicator_interface import IMultiselectCommunicator
 
@@ -21,16 +21,22 @@ class MultiselectClient(IMultiselectClient):
         Ensure that the client and multiselect
         are both using the same multiselect protocol
         :param stream: stream to communicate with multiselect over
-        :raise Exception: multiselect protocol ID mismatch
+        :raise MultiselectClientError: raised when handshake failed
         """
 
         # TODO: Use format used by go repo for messages
 
         # Send our MULTISELECT_PROTOCOL_ID to counterparty
-        await communicator.write(MULTISELECT_PROTOCOL_ID)
+        try:
+            await communicator.write(MULTISELECT_PROTOCOL_ID)
+        except MultiselectCommunicatorError as error:
+            raise MultiselectClientError(error)
 
         # Read in the protocol ID from other party
-        handshake_contents = await communicator.read()
+        try:
+            handshake_contents = await communicator.read()
+        except MultiselectCommunicatorError as error:
+            raise MultiselectClientError(str(error))
 
         # Confirm that the protocols are the same
         if not validate_handshake(handshake_contents):
@@ -48,6 +54,7 @@ class MultiselectClient(IMultiselectClient):
         :param protocol: protocol to select
         :param stream: stream to communicate with multiselect over
         :return: selected protocol
+        :raise MultiselectClientError: raised when protocol negotiation failed
         """
         # Perform handshake to ensure multiselect protocol IDs match
         await self.handshake(communicator)
@@ -71,15 +78,21 @@ class MultiselectClient(IMultiselectClient):
         Try to select the given protocol or raise exception if fails
         :param communicator: communicator to use to communicate with counterparty
         :param protocol: protocol to select
-        :raise Exception: error in protocol selection
+        :raise MultiselectClientError: raised when protocol negotiation failed
         :return: selected protocol
         """
 
         # Tell counterparty we want to use protocol
-        await communicator.write(protocol)
+        try:
+            await communicator.write(protocol)
+        except MultiselectCommunicatorError as error:
+            raise MultiselectClientError(error)
 
         # Get what counterparty says in response
-        response = await communicator.read()
+        try:
+            response = await communicator.read()
+        except MultiselectCommunicatorError as error:
+            raise MultiselectClientError(str(error))
 
         # Return protocol if response is equal to protocol or raise error
         if response == protocol:
diff --git a/libp2p/protocol_muxer/multiselect_communicator.py b/libp2p/protocol_muxer/multiselect_communicator.py
index 59252c5..a66a564 100644
--- a/libp2p/protocol_muxer/multiselect_communicator.py
+++ b/libp2p/protocol_muxer/multiselect_communicator.py
@@ -1,6 +1,9 @@
+from libp2p.exceptions import ParseError
 from libp2p.io.abc import ReadWriteCloser
+from libp2p.io.exceptions import IOException
 from libp2p.utils import encode_delim, read_delim
 
+from .exceptions import MultiselectCommunicatorError
 from .multiselect_communicator_interface import IMultiselectCommunicator
 
 
@@ -11,9 +14,26 @@ class MultiselectCommunicator(IMultiselectCommunicator):
         self.read_writer = read_writer
 
     async def write(self, msg_str: str) -> None:
+        """
+        :raise MultiselectCommunicatorError: raised when failed to write to underlying reader
+        """
         msg_bytes = encode_delim(msg_str.encode())
-        await self.read_writer.write(msg_bytes)
+        try:
+            await self.read_writer.write(msg_bytes)
+        except IOException:
+            raise MultiselectCommunicatorError(
+                "fail to write to multiselect communicator"
+            )
 
     async def read(self) -> str:
-        data = await read_delim(self.read_writer)
+        """
+        :raise MultiselectCommunicatorError: raised when failed to read from underlying reader
+        """
+        try:
+            data = await read_delim(self.read_writer)
+        # `IOException` includes `IncompleteReadError` and `StreamError`
+        except (ParseError, IOException, ValueError):
+            raise MultiselectCommunicatorError(
+                "fail to read from multiselect communicator"
+            )
         return data.decode()
diff --git a/libp2p/pubsub/pubsub.py b/libp2p/pubsub/pubsub.py
index a295b69..33683f7 100644
--- a/libp2p/pubsub/pubsub.py
+++ b/libp2p/pubsub/pubsub.py
@@ -16,8 +16,11 @@ from typing import (
 import base58
 from lru import LRU
 
-from libp2p.exceptions import ValidationError
+from libp2p.exceptions import ParseError, ValidationError
 from libp2p.host.host_interface import IHost
+from libp2p.io.exceptions import IncompleteReadError
+from libp2p.network.exceptions import SwarmException
+from libp2p.network.stream.exceptions import StreamEOF, StreamReset
 from libp2p.network.stream.net_stream_interface import INetStream
 from libp2p.peer.id import ID
 from libp2p.typing import TProtocol
@@ -154,7 +157,13 @@ class Pubsub:
         peer_id = stream.muxed_conn.peer_id
 
         while True:
-            incoming: bytes = await read_varint_prefixed_bytes(stream)
+            try:
+                incoming: bytes = await read_varint_prefixed_bytes(stream)
+            except (ParseError, IncompleteReadError) as error:
+                logger.debug(
+                    "read corrupted data from peer %s, error=%s", peer_id, error
+                )
+                continue
             rpc_incoming: rpc_pb2.RPC = rpc_pb2.RPC()
             rpc_incoming.ParseFromString(incoming)
             if rpc_incoming.publish:
@@ -228,10 +237,20 @@ class Pubsub:
         on one of the supported pubsub protocols.
         :param stream: newly created stream
         """
-        await self.continuously_read_stream(stream)
+        try:
+            await self.continuously_read_stream(stream)
+        except (StreamEOF, StreamReset) as error:
+            logger.debug("fail to read from stream, error=%s", error)
+            stream.reset()
+            # TODO: what to do when the stream is terminated?
+            # disconnect the peer?
 
     async def _handle_new_peer(self, peer_id: ID) -> None:
-        stream: INetStream = await self.host.new_stream(peer_id, self.protocols)
+        try:
+            stream: INetStream = await self.host.new_stream(peer_id, self.protocols)
+        except SwarmException as error:
+            logger.debug("fail to add new peer %s, error %s", peer_id, error)
+            return
 
         self.peers[peer_id] = stream
 
diff --git a/libp2p/security/exceptions.py b/libp2p/security/exceptions.py
new file mode 100644
index 0000000..269b2cb
--- /dev/null
+++ b/libp2p/security/exceptions.py
@@ -0,0 +1,5 @@
+from libp2p.exceptions import BaseLibp2pError
+
+
+class HandshakeFailure(BaseLibp2pError):
+    pass
diff --git a/libp2p/security/insecure/transport.py b/libp2p/security/insecure/transport.py
index 27efc86..7df0575 100644
--- a/libp2p/security/insecure/transport.py
+++ b/libp2p/security/insecure/transport.py
@@ -4,12 +4,13 @@ from libp2p.crypto.keys import PrivateKey, PublicKey
 from libp2p.crypto.pb import crypto_pb2
 from libp2p.crypto.utils import pubkey_from_protobuf
 from libp2p.io.abc import ReadWriteCloser
+from libp2p.network.connection.exceptions import RawConnError
 from libp2p.network.connection.raw_connection_interface import IRawConnection
 from libp2p.peer.id import ID
 from libp2p.security.base_session import BaseSession
 from libp2p.security.base_transport import BaseSecureTransport
+from libp2p.security.exceptions import HandshakeFailure
 from libp2p.security.secure_conn_interface import ISecureConn
-from libp2p.transport.exceptions import HandshakeFailure
 from libp2p.typing import TProtocol
 from libp2p.utils import encode_fixedint_prefixed, read_fixedint_prefixed
 
@@ -44,12 +45,21 @@ class InsecureSession(BaseSession):
         await self.conn.close()
 
     async def run_handshake(self) -> None:
+        """
+        Raise `HandshakeFailure` when handshake failed
+        """
         msg = make_exchange_message(self.local_private_key.get_public_key())
         msg_bytes = msg.SerializeToString()
         encoded_msg_bytes = encode_fixedint_prefixed(msg_bytes)
-        await self.write(encoded_msg_bytes)
+        try:
+            await self.write(encoded_msg_bytes)
+        except RawConnError:
+            raise HandshakeFailure("connection closed")
 
-        remote_msg_bytes = await read_fixedint_prefixed(self.conn)
+        try:
+            remote_msg_bytes = await read_fixedint_prefixed(self.conn)
+        except RawConnError:
+            raise HandshakeFailure("connection closed")
         remote_msg = plaintext_pb2.Exchange()
         remote_msg.ParseFromString(remote_msg_bytes)
         received_peer_id = ID(remote_msg.id)
diff --git a/libp2p/security/secio/exceptions.py b/libp2p/security/secio/exceptions.py
index f9ea8cf..c03fda4 100644
--- a/libp2p/security/secio/exceptions.py
+++ b/libp2p/security/secio/exceptions.py
@@ -1,4 +1,7 @@
-class SecioException(Exception):
+from libp2p.security.exceptions import HandshakeFailure
+
+
+class SecioException(HandshakeFailure):
     pass
 
 
@@ -19,9 +22,9 @@ class InvalidSignatureOnExchange(SecioException):
     pass
 
 
-class HandshakeFailed(SecioException):
-    pass
-
-
 class IncompatibleChoices(SecioException):
     pass
+
+
+class InconsistentNonce(SecioException):
+    pass
diff --git a/libp2p/security/secio/transport.py b/libp2p/security/secio/transport.py
index e223a94..e1aa022 100644
--- a/libp2p/security/secio/transport.py
+++ b/libp2p/security/secio/transport.py
@@ -16,6 +16,7 @@ from libp2p.crypto.ecc import ECCPublicKey
 from libp2p.crypto.key_exchange import create_ephemeral_key_pair
 from libp2p.crypto.keys import PrivateKey, PublicKey
 from libp2p.crypto.serialization import deserialize_public_key
+from libp2p.io.exceptions import IOException
 from libp2p.io.msgio import MsgIOReadWriter
 from libp2p.network.connection.raw_connection_interface import IRawConnection
 from libp2p.peer.id import ID as PeerID
@@ -24,8 +25,8 @@ from libp2p.security.base_transport import BaseSecureTransport
 from libp2p.security.secure_conn_interface import ISecureConn
 
 from .exceptions import (
-    HandshakeFailed,
     IncompatibleChoices,
+    InconsistentNonce,
     InvalidSignatureOnExchange,
     PeerMismatchException,
     SecioException,
@@ -399,6 +400,8 @@ async def create_secure_session(
     Attempt the initial `secio` handshake with the remote peer.
     If successful, return an object that provides secure communication to the
     ``remote_peer``.
+    Raise `SecioException` when `conn` closed.
+    Raise `InconsistentNonce` when handshake failed
     """
     msg_io = MsgIOReadWriter(conn)
     try:
@@ -408,14 +411,21 @@ async def create_secure_session(
     except SecioException as e:
         await conn.close()
         raise e
+    # `IOException` includes errors raised while read from/write to raw connection
+    except IOException:
+        raise SecioException("connection closed")
 
     initiator = remote_peer is not None
     session = _mk_session_from(local_private_key, session_parameters, msg_io, initiator)
 
-    received_nonce = await _finish_handshake(session, remote_nonce)
+    try:
+        received_nonce = await _finish_handshake(session, remote_nonce)
+    # `IOException` includes errors raised while read from/write to raw connection
+    except IOException:
+        raise SecioException("connection closed")
     if received_nonce != local_nonce:
         await conn.close()
-        raise HandshakeFailed()
+        raise InconsistentNonce()
 
     return session
 
diff --git a/libp2p/stream_muxer/mplex/mplex.py b/libp2p/stream_muxer/mplex/mplex.py
index 10bf653..768e66c 100644
--- a/libp2p/stream_muxer/mplex/mplex.py
+++ b/libp2p/stream_muxer/mplex/mplex.py
@@ -2,7 +2,9 @@ import asyncio
 from typing import Any  # noqa: F401
 from typing import Awaitable, Dict, List, Optional, Tuple
 
+from libp2p.exceptions import ParseError
 from libp2p.io.exceptions import IncompleteReadError
+from libp2p.network.connection.exceptions import RawConnError
 from libp2p.peer.id import ID
 from libp2p.security.secure_conn_interface import ISecureConn
 from libp2p.stream_muxer.abc import IMuxedConn, IMuxedStream
@@ -193,14 +195,12 @@ class Mplex(IMuxedConn):
         """
 
         # FIXME: No timeout is used in Go implementation.
-        # Timeout is set to a relatively small value to alleviate wait time to exit
-        #  loop in handle_incoming
         try:
             header = await decode_uvarint_from_stream(self.secured_conn)
             message = await asyncio.wait_for(
                 read_varint_prefixed_bytes(self.secured_conn), timeout=5
             )
-        except (ConnectionResetError, IncompleteReadError) as error:
+        except (ParseError, RawConnError, IncompleteReadError) as error:
             raise MplexUnavailable(
                 "failed to read messages correctly from the underlying connection"
             ) from error
diff --git a/libp2p/transport/exceptions.py b/libp2p/transport/exceptions.py
index b10cfc9..d935b3a 100644
--- a/libp2p/transport/exceptions.py
+++ b/libp2p/transport/exceptions.py
@@ -1,7 +1,10 @@
 from libp2p.exceptions import BaseLibp2pError
 
 
-# TODO: Add `BaseLibp2pError` and `UpgradeFailure` can inherit from it?
+class OpenConnectionError(BaseLibp2pError):
+    pass
+
+
 class UpgradeFailure(BaseLibp2pError):
     pass
 
@@ -12,7 +15,3 @@ class SecurityUpgradeFailure(UpgradeFailure):
 
 class MuxerUpgradeFailure(UpgradeFailure):
     pass
-
-
-class HandshakeFailure(BaseLibp2pError):
-    pass
diff --git a/libp2p/transport/tcp/tcp.py b/libp2p/transport/tcp/tcp.py
index a63dbd0..5ee2428 100644
--- a/libp2p/transport/tcp/tcp.py
+++ b/libp2p/transport/tcp/tcp.py
@@ -6,6 +6,7 @@ from multiaddr import Multiaddr
 
 from libp2p.network.connection.raw_connection import RawConnection
 from libp2p.network.connection.raw_connection_interface import IRawConnection
+from libp2p.transport.exceptions import OpenConnectionError
 from libp2p.transport.listener_interface import IListener
 from libp2p.transport.transport_interface import ITransport
 from libp2p.transport.typing import THandler
@@ -62,11 +63,15 @@ class TCP(ITransport):
         dial a transport to peer listening on multiaddr
         :param maddr: multiaddr of peer
         :return: `RawConnection` if successful
+        :raise OpenConnectionError: raised when failed to open connection
         """
         self.host = maddr.value_for_protocol("ip4")
         self.port = int(maddr.value_for_protocol("tcp"))
 
-        reader, writer = await asyncio.open_connection(self.host, self.port)
+        try:
+            reader, writer = await asyncio.open_connection(self.host, self.port)
+        except (ConnectionAbortedError, ConnectionRefusedError) as error:
+            raise OpenConnectionError(error)
 
         return RawConnection(reader, writer, True)
 
diff --git a/libp2p/transport/upgrader.py b/libp2p/transport/upgrader.py
index 877fd23..8dda95e 100644
--- a/libp2p/transport/upgrader.py
+++ b/libp2p/transport/upgrader.py
@@ -1,15 +1,12 @@
 from libp2p.network.connection.raw_connection_interface import IRawConnection
 from libp2p.peer.id import ID
 from libp2p.protocol_muxer.exceptions import MultiselectClientError, MultiselectError
+from libp2p.security.exceptions import HandshakeFailure
 from libp2p.security.secure_conn_interface import ISecureConn
 from libp2p.security.security_multistream import SecurityMultistream
 from libp2p.stream_muxer.abc import IMuxedConn
 from libp2p.stream_muxer.muxer_multistream import MuxerMultistream
-from libp2p.transport.exceptions import (
-    HandshakeFailure,
-    MuxerUpgradeFailure,
-    SecurityUpgradeFailure,
-)
+from libp2p.transport.exceptions import MuxerUpgradeFailure, SecurityUpgradeFailure
 from libp2p.transport.typing import TMuxerOptions, TSecurityOptions
 
 from .listener_interface import IListener
diff --git a/libp2p/utils.py b/libp2p/utils.py
index 0c1eea8..0e15b56 100644
--- a/libp2p/utils.py
+++ b/libp2p/utils.py
@@ -59,10 +59,6 @@ def encode_varint_prefixed(msg_bytes: bytes) -> bytes:
 async def read_varint_prefixed_bytes(reader: Reader) -> bytes:
     len_msg = await decode_uvarint_from_stream(reader)
     data = await read_exactly(reader, len_msg)
-    if len(data) != len_msg:
-        raise ValueError(
-            f"failed to read enough bytes: len_msg={len_msg}, data={data!r}"
-        )
     return data
 
 
diff --git a/tests/examples/test_chat.py b/tests/examples/test_chat.py
index 18a172c..99e4380 100644
--- a/tests/examples/test_chat.py
+++ b/tests/examples/test_chat.py
@@ -2,8 +2,8 @@ import asyncio
 
 import pytest
 
+from libp2p.host.exceptions import StreamFailure
 from libp2p.peer.peerinfo import info_from_p2p_addr
-from libp2p.protocol_muxer.exceptions import MultiselectClientError
 from tests.utils import set_up_nodes_by_transport_opt
 
 PROTOCOL_ID = "/chat/1.0.0"
@@ -84,7 +84,7 @@ async def no_common_protocol(host_a, host_b):
     host_a.set_stream_handler(PROTOCOL_ID, stream_handler)
 
     # try to creates a new new with a procotol not known by the other host
-    with pytest.raises(MultiselectClientError):
+    with pytest.raises(StreamFailure):
         await host_b.new_stream(host_a.get_id(), ["/fakeproto/0.0.1"])
 
 
diff --git a/tests/protocol_muxer/test_protocol_muxer.py b/tests/protocol_muxer/test_protocol_muxer.py
index d7523ac..6ff401c 100644
--- a/tests/protocol_muxer/test_protocol_muxer.py
+++ b/tests/protocol_muxer/test_protocol_muxer.py
@@ -1,6 +1,6 @@
 import pytest
 
-from libp2p.protocol_muxer.exceptions import MultiselectClientError
+from libp2p.host.exceptions import StreamFailure
 from tests.utils import echo_stream_handler, set_up_nodes_by_transport_opt
 
 # TODO: Add tests for multiple streams being opened on different
@@ -47,7 +47,7 @@ async def test_single_protocol_succeeds():
 
 @pytest.mark.asyncio
 async def test_single_protocol_fails():
-    with pytest.raises(MultiselectClientError):
+    with pytest.raises(StreamFailure):
         await perform_simple_test("", ["/echo/1.0.0"], ["/potato/1.0.0"])
 
     # Cleanup not reached on error
@@ -77,7 +77,7 @@ async def test_multiple_protocol_second_is_valid_succeeds():
 async def test_multiple_protocol_fails():
     protocols_for_client = ["/rock/1.0.0", "/foo/1.0.0", "/bar/1.0.0"]
     protocols_for_listener = ["/aspyn/1.0.0", "/rob/1.0.0", "/zx/1.0.0", "/alex/1.0.0"]
-    with pytest.raises(MultiselectClientError):
+    with pytest.raises(StreamFailure):
         await perform_simple_test("", protocols_for_client, protocols_for_listener)
 
     # Cleanup not reached on error