Logging in with a differently encrypted password

Hi everyone,

I was using a different platform that uses md5 or sha256 for password encryption.
In wordpress, I imported user data from a csv file (about 10K users),
but obviously the users won’t be able to login because of encryption differences.

My idea was:
Wordpress checks if user typed password matches the md5/sha256 encrypted one, grants access and encrypts user typed password to wordpress hash.

Is this possible? If yes, how?
Thanks in advance, any little kind of help or alternative advices would be greatly appreciated. I’m totally lost.

Have a great day. Thank you.