Ultraman was sent from the planet Krypton to the planet Earth on Earth-Three where he first encountered Kryptonite in outer space, and that began to change him into a superpower house of vast powers and abilities. Unlike in other universes, this Krypton didn't explode. Upon his arrival on Earth-Three, the boy grew up developing new powers every time he encountered Kryptonite. As an adult, he renamed himself Ultraman and began a life of conquest and destruction. It would be during his conquering that he encountered four other superpowered beings who gathered together to dominate their world and become the Crime Syndicate of America.
It would be after largely conquering most of their world that Ultraman and his fellow Crime Syndicate members challenged the combined forces of the Earth-One Justice League of America and Earth-Two Justice Society of America. Not able to withstand the combined mights of two Earths' greatest super-beings, the Crime Syndicate was defeated and imprisoned in an extra-dimensional bubble created by the Earth-One Green Lantern.
A stalemate of almost endless escape and imprisonment would continue until the antimatter wave attack of the Anti-Monitor came to Earth-Three during the Crisis on Infinite Earths and Ultraman - along with everyone else native to their dimension - died in the attack and were completely erased from all history with the reset of the single surviving universe, except for Superman of Earth-Two and Alexander Luthor Jr. who remembered this Power Ring and his native world.
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