diff --git a/libp2p/protocol_muxer/multiselect_communicator.py b/libp2p/protocol_muxer/multiselect_communicator.py
index 59252c5..d946850 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
 
 
@@ -15,5 +18,11 @@ class MultiselectCommunicator(IMultiselectCommunicator):
         await self.read_writer.write(msg_bytes)
 
     async def read(self) -> str:
-        data = await read_delim(self.read_writer)
+        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 b162b89..ef069d8 100644
--- a/libp2p/pubsub/pubsub.py
+++ b/libp2p/pubsub/pubsub.py
@@ -16,12 +16,14 @@ 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.stream.net_stream_interface import INetStream
 from libp2p.peer.id import ID
 from libp2p.typing import TProtocol
 from libp2p.utils import encode_varint_prefixed, read_varint_prefixed_bytes
+from libp2p.network.stream.exceptions import StreamEOF, StreamReset
 
 from .pb import rpc_pb2
 from .pubsub_notifee import PubsubNotifee
@@ -154,7 +156,13 @@ class Pubsub:
         peer_id = stream.mplex_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:
@@ -228,7 +236,13 @@ 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)
diff --git a/libp2p/stream_muxer/mplex/mplex.py b/libp2p/stream_muxer/mplex/mplex.py
index c75000d..5d09b75 100644
--- a/libp2p/stream_muxer/mplex/mplex.py
+++ b/libp2p/stream_muxer/mplex/mplex.py
@@ -2,6 +2,8 @@ import asyncio
 from typing import Any  # noqa: F401
 from typing import Dict, List, Optional, Tuple
 
+from libp2p.exceptions import ParseError
+from libp2p.io.exceptions import IncompleteReadError
 from libp2p.network.typing import GenericProtocolHandlerFn
 from libp2p.peer.id import ID
 from libp2p.security.secure_conn_interface import ISecureConn
@@ -248,13 +250,15 @@ 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
-        header = await decode_uvarint_from_stream(self.secured_conn)
-        # TODO: Handle the case of EOF and other exceptions?
+        try:
+            header = await decode_uvarint_from_stream(self.secured_conn)
+        except ParseError:
+            return None, None, None
         try:
             message = await asyncio.wait_for(
                 read_varint_prefixed_bytes(self.secured_conn), timeout=5
             )
-        except asyncio.TimeoutError:
+        except (ParseError, IncompleteReadError, asyncio.TimeoutError):
             # TODO: Investigate what we should do if time is out.
             return None, None, None
 
diff --git a/libp2p/utils.py b/libp2p/utils.py
index c69f61b..8362a5a 100644
--- a/libp2p/utils.py
+++ b/libp2p/utils.py
@@ -65,10 +65,6 @@ 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