Presently, the design of different protocols depending on various cryptographic primitives is an emerging area. The introduction of quantum computers has made novel secure communication protocols with proper security analyses absolutely necessary in the present era. In this paper, we present a comprehensive analysis of the protocols proposed by Olvera et al. focusing on their structural assumptions, security properties, and resistance to known attack vectors. Our analysis reveals that, despite the algebraic richness of the underlying construction, the protocols exhibit significant security shortcomings. We show that the key establishment protocol is vulnerable to public key substitution attack. This vulnerability not only breaks the authenticity of the exchanged keys but also paves the way for a man-in-the-middle (MITM) attack, enabling an attacker to intercept, modify, or forge messages under the guise of a legitimate user.