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Is it possible to write a Token contract which will trigger a certain function when the tokens are sent to a specific Address? Like let's say, if you send 5 tokens to 0x12345... a specific function will be called that sends another 5 tokens to 0x98765... This is just an example.

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The token contract has a transfer function that does the token sending. You can modify the token contract to check if(recipient == 0x12345...) and then add your code to send.

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