Low Fuel indicator '81 KZ550 Ltd

When cleaning my tank, I noticed that the fuel sending unit or low fuel indicator had it's wiring pretty much dissolved in the 10 year old gas which was left in the tank. There looks to be a copper wire exposed which is either bare or has a thin clear casing over it, can't tell.

After de-rusting my tank I put the low fuel indicator back on just to plug the hole. I'm afraid to actually plug it in since current does technically run through that thing according to what I see. I just don't want any chance of a spark inside the tank when I'm near it....or not near it for that matter.

Has anyone heard of a malfunctioning indicator causing a tank to explode? Just curious. It's not worth getting a new one so I just may leave it unplugged.