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I personally found no good use for the knife wrap. I would have sent it back, BUT it was my mistake to order it, there is nothing wrong with it - just I have no use for it. The lower velcro strap seemed a bit long though - could have been because I was not sure how to use the thing.
This knife is well worth the price. The shealth that comes with it is also very functional and holds the knife SOLIDLY in place, even when rigged upside down - I have mine rigged inverted on my left PFD strap. Makes for an always ready and rapid pull when I might need it on the boat to quickly sever the boat anchor for example, or to fend off a Sea Lion when out on the kayak.