At slow to ultraslow spreading ridges, the limited melt supply results in tectonic accretion and the exhumation of mantle rocks. Melt supply is focused toward volcanic centers where magmatic accretion dominates. In areas where the ridges reorientate, both types of accretion can occur across the ridge axis with detachment faults developing on the inside corners and hydrothermal vent fields located in close proximity. Microseismicity studies improve the understanding of the tectonic processes at detachment faults and their interplay with hydrothermal vent systems, but are mostly limited to mature detachment faults or short deployment times. This study presents results from a ∼11 months ocean bottom seismometer deployment around the Loki's Castle hydrothermal vent field at the intersection of the slow to ultraslow spreading Mohns and Knipovich Ridge. We observe seismicity to be highly asymmetric with the majority of the plate divergence being accommodated by an emerging detachment fault at the inside corner of the intersection west of Loki's Castle. Seismic activity related to the detachment fault displays a distinct contrast, with continuous low‐magnitude events occurring at depth and episodic large‐magnitude events concentrated in clusters within the footwall. The detachment fault shows no significant roll‐over at shallow depths and the locus of spreading is located east of the detachment. These results suggest that the detachment fault west of Loki’s Castle is at an early development stage.