As the Installation Note for ColourSpace states: "ColourSpace is verified by Light Illusion to be virus free"

However, as the Installation Notes also say, False Positives will happen.

As an example, if you install ColourSpace using the Install for all users option, Malwarebytes (and other AV Software, such as Norton, etc.) knows there are no virus issues with ColourSpace.

But, if you install using the Install for me only option, False Positives are shown...

This show just how inaccurate AV software can be, and that the warnings generated really are False Positives.
Any False Positives can be ignored, and ColourSpace White Listed to prevent future False Positive warnings.

It would also be of help if the AV Software manufacturer you are using is informed of the False Positive, as they can then improve their virus detection accuracy.
We try to inform them ourselves, but...

Steve

For additional information, many AV providers also explain that such False Positives can be common with Heuristic type scans.

For example, Malwarebytes states Heuristic Scanning should not used, unless you think you have been infected, as it will potentially generate a lot of False Positives.

"The Malware.Heuristic.100X detection names come from a new aggressive heuristic which detects malformations in PE headers which are typically found in malware and viruses. If a file or application is detected as Malware.Heuristic.100X it does not necessarily mean that the file is malicious. It simply means that it's PE structure is similar to that of malware and viruses.

This setting, which can be found under ["Settings > Security > Expert systems algorithms"], is OFF BY DEFAULT.

You should only enable this aggressive heuristic if you suspect your computer has a malware infection which is not detected regularly by Malwarebytes, and want to run a more paranoid scan.

If you have enabled this aggressive heuristic on purpose or by accident, and Malwarebytes detects some of your legitimate files or applications as Malware.Heuristic.100X, you should either:

Disable the Expert Systems Algorithms setting
Add your detected files to the Malwarebytes exclusions ["Settings > Allow List"]"

Steve