This video explains how Lelantus v1 works and what it hides and how it hides it and what is cool about it compared to Monero is that it seems to have anonymous trasnactions sent from Lelantusjsplit or Lelantusjmint address which means Lelantusjsplit and Lelantusjmint address is a “shared address” for all firo users to use to keep their transactions private.
However if Firo was cracked, to my understandings, transactions can be traced by the transaction ID of each wallet. I have not use Lelantus yet to see if a transaction ID is linked to every transaction inside a Firo wallet.
Maybe v2 or v3 of Lelantus can make it so even if Firo privacy encryption or blockchain itself gets hacked or cracked, it will still not be possible to see who sent Firo to who and what amount of Firo one may own.