You'd have to point as I see nothing else odd. The adjustment strap/cord is usually called a "tail" when this style of sling is discussed.
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Downstream from the slider with the cord tail (down, on the left side of the above) is the loose end of the strap which then can when it is adjusted become loose and floppy and snaggy. There's a keeper that holds it to the sling body. Here's a video about the VTAC generally.
The keeper is shown early on, and velcros closed around the sling body but is attached to the loose end. Kyle adjusts it a million times around the 30 second mark if you want to see operation, how this one uses the cord to loosen, the strap to tighten.