I have migrated only customers from Magento 220.127.116.11 to Magento 2.2.3 and customers migrated successfully and listed properly in the admin section.
But when I try to login with the Magento 1 password I am not able to login.
So as I check in database the old passwords are stored differently than the Magento 2 passwords.
Here's a screenshot of the database table "customer_entity":
Basically I have found that when customer created from Magento 2 frontend there is a larger string after the first colon
: and migrated passwords have only two character after the colon