I had a scrap length of gutted olive drab paracord to work with, tying a gaucho knot first around a Nitecore T0 flashlight. But, it seemed a little too bulky to me for such a small light, so I slid the knot off the light and inserted a wooden lanyard bead into the knot, then tightened it up around the bead.
A separate length of black paracord was pulled through the knife's lanyard hole, then both ends pushed/pulled through the bead(small hemostats help), and finished with a two-strand stopper knot.
I left enough room in the loop between the bead and the knife for my little finger to fit when holding the knife(so as not to drop it), but you can make your own longer for a wrist lanyard or shorter to suit your needs. A knot could be tied above the bead as well as below, to secure it in place along the loop length, otherwise it can slide up/down the loop core, which can be handy with a wrist lanyard.
Mochibrand has a new referral program, so check it out for savings on a new VENOM mochi drawstring backpack. :)