Most people don't care about cold storage or hardware wallet since they're think Binance has SAFU that will cover all losses just like banks, while actually there's no transparency about Binance's SAFU and it's not cover all the losses. Especially CZ have give misleading information if storing your crypto or Bitcoin on hardware wallet increase the risk of lost it all since people usually forgot about their seed phrase. Although it's partially correct but it's a user fault and they can prevent it if they've learn to safely write their seed phrase on steel plate.