Apply heat and adjust the molding at the throat to tighten it up.
Or drill a small hole close to the top, but not too close, near where the handle sits inside the kydex, closer than the existing rivets. Add a small screw with a nut on the other side. This should tighten the sheath. If you use a locknut, you should be able to back it off a hair if you end up too tight.
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Two ways I can think of.
Apply heat and adjust the molding at the throat to tighten it up.
Or drill a small hole close to the top, but not too close, near where the handle sits inside the kydex, closer than the existing rivets. Add a small screw with a nut on the other side. This should tighten the sheath. If you use a locknut, you should be able to back it off a hair if you end up too tight.