A 22-year-old man pleaded guilty on Tuesday to pulling off one of the largest cryptocurrency thefts in history, duping a stranger out of bitcoin worth over $240 million.

Malone Lam, an eighth-grade dropout who came to the U.S. from Singapore, teamed up with friends to steal nearly a quarter-billion dollars in bitcoin from a Washington, D.C., resident — one of the largest cryptocurrency thefts in U.S. history — and then embarked on a wild spending spree with the laundered proceeds.

Lam faces a maximum prison sentence of 20 years after pleading guilty to a federal racketeering conspiracy charge. U.S. District Judge Colleen Kollar-Kotelly didn’t immediately schedule Lam’s sentencing hearing in Washington.

Lam was an organizer for a…