Is Coinye a scam ICO?

I've been hearing rumors that Coinye, this new cryptocurrency project, might be a scam ICO. Can you help me understand what an ICO is, and what specific factors should I look for to determine if Coinye is legitimate or not? I'm interested in investing in the project, but I want to make sure I'm not putting my money into something fraudulent. What steps can I take to do my due diligence and protect myself from potential scams in the cryptocurrency space?