It's all about erring on the side of caution for me.

TBH, no CEX is safe, they are constantly under watch of bad actors as well as regulatory watch dogs. But tier 1 exchanges have much better reputation compared to some random CEX out there. In this age, where fake exchange scams are rampant, better to play it safe. In terms of hacks, although it would still depend on how big it is, I do think tier 1 exchange are more likely to survive the catastrophe as oppose to small exchanges.