The phrase "panda eyes" is a term used to describe the dark circles or discoloration around someone's eyes, resembling the black patches around a panda's eyes. Full definition
Stay clear of liquid, gel, and pencil liners — that is, unless you want to leave with panda eyes. (makeoverly.com)
I did not experience flaking or panda eyes when using it and it was easily removed at the end of the day with any product I tried (Bioderma Micellar water, TBS Cleansing Oil, TBS Camomile Eye Makeup Remover). (lindalibraloca.com)