At first, carbon dioxide should not be confounded with carbon monoxide, which is indeed a really toxic gas. A little more oxygen in the chemical structure makes the difference.
Carbon dioxide, the gaseous medium used in Carboxytherapy is safe, well known and has been used in medical procedures frequently and for different reasons. Large amounts are e.g. used to inflate the abdomen in laparoscopy for better view and access. It is produced by the body in the process of degrading carbohydrates and fatty acids to gain energy. So, no allergic or toxic reaction can occur.
During Carboxytherapy CO2 is injected by fine needles in different layers of the skin and subcutaneous tissue. In skilled hands, following all rules of antisepsis and after purge all remaining air from the tubing, some minor bruising may be the only side effect, but is rarely seen in eye treatments.
Fast and stable results are seen by increasing oxygen level in tissue congested by "venous pooling", but causes for dark circles my vary.