January 31, 2024, is a Wednesday

On Wednesday, January 31, local time in the United States, the bankrupt cryptocurrency exchange FTX informed the court that it expects to fully repay its customers. This statement was made public through a court hearing, and U.S. Bankruptcy Judge John Dorsey has tentatively approved this date, although a considerable number of creditors disagree with it.
According to court procedures, FTX has abandoned its plan to restart its platform and is instead focusing on fully repaying its former customers. Due to a lack of buyers, FTX abandoned its plan to restart its platform. Advisors conducted a thorough search in the market to find investors willing to restart FTX, but no one was willing to provide the cash needed to restart the exchange.
FTX lawyer Andrew Dietderich stated that the repayment process will require claimants to submit proof to verify that they indeed held and lost assets on FTX. This process will be reviewed by a restructuring advisor.
Is the platform token FTT still useful?

FTX's native token FTT briefly rose after the announcement of this plan, but then plummeted sharply. A few days ago, the price of FTT was fluctuating around $2.65, but it has now dropped to around $1.91, with a low of $1.65, marking a 7-day decline of 27.04%.
FTX officially announced it will not restart; FTT's rebirth is a meme.
FTT trend, source: Coinmarketcap

This market reaction is actually to be expected. According to the previously anticipated restart scenario, the appreciation of FTT was based on the possibility that FTX could restart and FTT could still be used as a native token, or could be exchanged for a new native token in some proportion. However, this expectation was shattered when FTX announced it would not restart; after abandoning the restart, FTT has indeed found no new use, and as FTX continues to liquidate assets to pay customers, the value of FTT will inevitably decline further due to sell-offs.
In the worst-case scenario, FTT may ultimately become like Luna Classic after the collapse of Terra, becoming a de facto memecoin, fluctuating with each news occurrence, but it is highly unlikely to return to the highs of previous years.