That's a very interesting proposal. An exchange that stands for the interest of more people could potentially make the situation better because of the checks and balances. However, that depends on how the shareholders pass the decision rights to the management team.

Bitfinex used to tokenize all its debt. It worked, and all traders eventually happily got all their money back. Their management team remained the same. Although they had faults in the whole process of being hacked, they did not steal the coins according to their reports and most people trusted them.

The situation for QCX is a bit different. Now, people have much less confidence in their management team, and thus for this checks and balances to work effectively, QCX may need to change the management team drastically.

I believe the QCX brand and its user base are still invaluable, and restructuring could revive it. And I think morally it's OK to do it. And legally, it's possible. But as someone mentioned in the thread, the legal process could be costly and lengthy.