Most if not all BASIC language propelled BBS's did not encrypt the password file.
As for 8bit Express & ST line, I'd have to look
foReM for example creates a PAS.DAT file. Inside are pre-created 125 character lines. So, each line is 1 user, where 1-4 is the user password, 5-24 is the username, 25-37 is phone, then past that are total downloads/uploads/security levels/MASK if using XL/XE etc.. All readable as a text file.