First up, I'm not an airline pilot but a mere lowly GA charter pilot. But in the aircraft I fly, before changing a code on a transponder you turn it to standby. Is this the same in airliners? Following the path of some sort of catastrophic depressurisation, is it possible that Hypoxia dealt the crew it's fatal blow as they were in the process of changing the transponder code, hence it appearing to be turned off?