If indeed FTX goes bankrupt, it will be a big disaster for the crypto world and you can be sure that the FTX token will no longer be valuable, because it is no longer used. Hopefully there is still a way to save it
I think the exchange will still exist but with another ownership. There will be a long procedure to take over FTX exchange after the bankruptcy. FTX token will be fine in aspect that it won't die and disappear.
I don't know what is the price of FTT token in its ICO, lowest price. Maybe we have to prepare for the bad when the token will fall to ICO price. I still positively think that the token won't be divided hundreds or thousands of times like Terra $LUNC.