You’re not being too suspicious or too un-trusting.
This is a healthy attitude for someone who does not want to get ripped off.
I spent decades working in the music industry, and i always suggest that people look at this webpage for a horribly accurate description of the potential ways that you can get ripped off through the small print, https://www.negativland.com/news/?page_id=17
If you substitute the word “start-up” for the word “band”, and the word “founder” for the word “musician”, and you get a pretty accurate version of the VC industry. Minus the hookers and blow…
If a company won’t give you this basic information, then you can pretty much assume that they’re planning upon owning ALL of the IP from the “Hackathon”, and, you should advise everyone that you know to stay away from these idiots.
They will be only looking for short-term solutions, as that is the way that they’re behaving.
It also means that the only people who will be taking part, will be the naive, the ignorant, and, the desperate.
As a professional, you don’t want these descriptions on your CV.
Also i just went to look at their website, and i just got the Squarespace Domain Error page. It’s not a good set of indicators…